China's fiscal revenues up 4.7% y/y in Q3 as economy gains steam

Credit: REUTERS/Thomas White

China's fiscal revenues grew 4.7% in the third quarter from a year earlier, the finance ministry said on Wednesday, as the country's economic recovery picked up pace.

Adds details

BEIJING, Oct 21 (Reuters) - China's fiscal revenues grew 4.7% in the third quarter from a year earlier, the finance ministry said on Wednesday, as the country's economic recovery picked up pace.

Fiscal revenues fell 7.4% in the second quarter on an annual basis, after sliding 14.3% in the first quarter, it said.

China's economy expanded 4.9% in July-September from a year earlier, weaker than analyst expectations but faster than the second quarter's 3.2% growth.

Fiscal revenues rose 4.5% year-on-year in September, easing from a 5.3% increase in August, the ministry said.

For the first nine months of the year, fiscal revenues fell 6.4% from a year earlier to 14.1002 trillion yuan ($2.12 trillion), while fiscal expenditures dropped 1.9% to 17.5185 trillion yuan, it said.

($1 = 6.6627 Chinese yuan)

(Reporting by Kevin Yao, Writing by Gabriel Crossley; Editing by Himani Sarkar and Ana Nicolaci da Costa)

((Gabriel.Crossley@thomsonreuters.com; +86 10 5669 2127;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More