(MENAFN- QNA) China's fiscal revenue rose 6.1% year on year to 910.9 billion yuan (149.33 billion US dollars) in August, slowing from the 6.9% rise seen in July, China's Ministry of Finance said.
Central government revenue reached 445.4 billion yuan, up 5.5% year on year, while local government revenue stood at 465.5 billion yuan, up 6.6% from the same period last year, according to China's News Agency (Xinhua).
The pace of fiscal spending also slowed. In August, national fiscal expenditures went up 6.2% to 1.02 trillion yuan, retreating from the 9.6% surge in July.
The monthly growth rate of China's fiscal revenue is relatively low, a result of more tax cuts under a program to replace business tax with value-added tax (VAT) and the slow growth of taxes on imports and exports, said a statement on the ministry's website.
In the first eight months, fiscal revenue went up 8.3% to 9.64 trillion yuan, according to the ministry.
In the January-August period, fiscal revenue collected by the central government fell short of the budgeted full-year growth rate of 7%, expanding 6% year on year to 4.51 trillion yuan, while revenue for local government increased 10.4% to 5.13 trillion yuan.
In the January-August period, spending by the central government went up 11.4% to 1.4 trillion yuan, and spending by local governments rose 14.4% to 7.56 trillion yuan.
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