(Yicai Global) July 17 -- China's national and local government revenues recorded their first annual growth this year last month as the nation's businesses have gradually reopened after the Covid-19 pandemic has apparently come to heel within the country's borders.
State and area coffers swelled by 3.2 percent annually, the finance ministry announced today.
Revenues were CNY9.62 trillion (USD1.37 trillion) in the first half, down 10.8 percent on the year, of which tax revenues fell 11.3 percent to CNY8.20 trillion, while non-tax sources slid 8 percent to CNY1.42 trillion.
Government fiscal spending was CNY11.64 trillion, down 5.8 percent from last year, the ministry data also shows.
The revenues' return to positive growth coincides with China's improved key economic data. The nation's gross domestic product grew 3.2 percent in the second quarter, rebounding from a harsh 6.8 percent contraction recorded in the first, the country's National Bureau of Statistics reported yesterday.
Editor: Ben Armour