China's fiscal revenue up 24.2 percent in Q1

China's fiscal revenue surged 24.2 percent year on year in the first quarter (Q1) of 2021, official data showed Wednesday.

According to data released by the Ministry of Finance, the country's fiscal revenue topped 5.71 trillion yuan (about 878.07 billion U.S. dollars) in Q1.

This figure represents a 6.4-percent increase from the 2019 level, putting the average Q1 growth for 2020 and 2021 at 3.2 percent, according to the ministry.

During the period, tax revenue came in at 4.87 trillion yuan, up 24.8 percent year on year.
Revenue from value-added tax, the largest source of fiscal revenue in the country, jumped 23.9 percent from a year earlier, while stamp tax revenue saw an increase of 69.3 percent.

A breakdown showed the central government and local governments in Q1 collected 2.69 trillion yuan and 3.02 trillion yuan in fiscal revenue, respectively, both rising over 20 percent year on year.

Wednesday's data also showed that China's fiscal spending went up 6.2 percent year on year to 5.87 trillion yuan during the period.

Fiscal spending in areas including science and technology, education, and debt interest payments saw substantial increases, according to the ministry. Enditem