China’s fiscal spending remains strong in first two months

In this undated photo, a clerk counts cash at a bank outlet in Hai'an county, Jiangsu province. (PHOTO / CHINA DAILY)

BEIJING – China's fiscal revenue dropped 1.2 percent year-on-year in the first two months of 2023, while its fiscal spending expanded 7 percent year-on-year, according to the Ministry of Finance.

The ministry said the data showed that the intensity of fiscal spending had remained strong, and spending in key areas such as people's livelihood had been well ensured.

Spending on social security and employment climbed 9.8 percent year-on-year, while spending on science and technology rose 3.9 percent

Spending on social security and employment climbed 9.8 percent year-on-year, while spending on science and technology rose 3.9 percent.

Of the total fiscal revenue, the central government collected about 2.18 trillion yuan ($315.5 billion) in revenue, down 4.5 percent year-on-year, while local governments collected 2.39 trillion yuan in revenue, up 2 percent year-on-year.

ALSO READ: China's fiscal revenue surges 18.7% in first two months

Tax revenue in the first two months went down 3.4 percent year-on-year. Revenue from value-added tax climbed 6.3 percent, while revenue from consumption tax dropped 18.4 percent.