China sees growth in fiscal revenues

China's fiscal revenues grew by 11.5 percent year-on-year to 13.93 trillion yuan ($1.91 trillion) in the first seven months, the Ministry of Finance said on Monday. 

Meanwhile, fiscal spending over the period totaled 15.16 trillion yuan, up by 3.3 percent year-on-year. 

Among the fiscal revenue, tax revenue totaled 11.75 trillion yuan, up 14.5 percent year-on-year, with domestic value-added tax (VAT) growing by 84.2 percent on a yearly basis to about 4.36 trillion yuan. 

Non-tax revenue dropped 2.3 percent from a year ago to 2.18 trillion yuan.

The ministry said the fiscal revenue growth benefits not only from the country's continuous economic recovery but was moreover influenced by the low base effect, due to the large-scale VAT deferral and refund program starting last April that resulted in a significant increase in tax refunds. 

The ministry also said stamp duties collected during the January-July period declined by 8.3 percent year-on-year to 267.9 billion yuan. In particular, stamp duties on securities trading totaled 128 billion yuan over the period, slumping 30.7 percent from a year ago.

liuzhihua@chinadaily.com.cn