China's Fiscal Income Grew at a Faster-Than-Expected 6.2% Last Year
Dou Shicong
DATE:  Jan 23 2019
/ SOURCE:  yicai

(Yicai Global) Jan. 23 -- China's fiscal revenue rose 6.2 percent to CNY18.3 trillion (USD2.7 trillion) last year, beating expectations.

The growth rate was 0.1 point faster than forecast, leading to income being CNY17.5 billion higher than predicted, the Ministry of Finance said today. Fiscal expenditure was up 8.7 percent at CNY22.1 trillion, which the ministry said showed the country is in a healthy financial condition.

Government debt made up 37 percent of gross domestic product, with central sovereign debt tallying almost CNY15 trillion and local government debt close to CNY18.4 trillion. The local government debt ratio was 76.6 percent, below typical international standards of between 100 percent and 120 percent.

A strong economy is to thank for China's good financial condition, especially given that the country made a great effort to reduce taxes last year, a ministry spokesperson added.

Editor: James Boynton

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Keywords:   Fiscal Revenue,Debt,Ministry of Finance