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China's fiscal revenues continue falling

By Xin Zhiming (chinadaily.com.cn)
Updated: 2008-12-11 13:43

China's fiscal revenues fell by 3.1 percent in November year-on-year thanks to the slowing economy, the Ministry of Finance said today, a trend that has been apparent since September.

Special coverage: Coping with Financial Crisis Trends and Policies Related readings:  October fiscal revenue drops as slowdown bites  Importance of fiscal thrift  Fiscal revenue growth slows to 10.5% in 3Q

The total fiscal revenues in the January-November period amounted to 5.8 trillion yuan ($847 billion), up by 20.5 percent year-on-year.

The country's fiscal revenues reached 379.2 billion yuan in November, the ministry said in a statement. The tax cuts and domestic economic slow-down are the main factors behind the fall, it said.

The national economy registered a 9 percent annual growth in the third quarter against 11.9 percent for the whole of last year. The latest statistics show that exports and producer prices were all falling in November, pointing to worsening economic weakening.

The easing momentum in the country's fiscal revenues growth started in September, when the year-on-year growth rate fell to 3.1 percent from 16.5 percent in July. In October, it dropped by 0.3 percent, the first monthly fall in 12 years.

The country has raised the level of export tax rebates to bolster exports, cut interest on savings and stamp duty of stock trading as well as reducing taxes on house purchase to support the real estate market this year.