China's fiscal revenue down 9.9% in first two months

China's fiscal revenue went down 9.9 percent year on year to 3.52 trillion yuan (about $496.2 billion) in the first two months of 2020, official data showed Tuesday.

The central government collected 1.72 trillion yuan in fiscal revenue, down 11.2 percent year on year, while local governments saw fiscal revenue dip 8.6 percent to about 1.8 trillion yuan during the January-February period, according to data released by the Ministry of Finance (MOF).

China's fiscal spending inched down 2.9 percent year on year to around 3.24 trillion yuan during the period, MOF data showed.