China's fiscal spending hits USD201b in July
Date
8/12/2015 9:06:46 AM
(MENAFN) The Chinese Ministry of Finance said the country's fiscal spending increased 24.1 percent to USD201 billion in July, citing government efforts to spur economic activity.
Total fiscal spending in the January-July period amounted to USD1.42 trillion, increasing 13.4 percent on-year, with spending on social security and employment up to USD184.76 billion.
Fiscal revenue surged 12.5 percent to USD224.24 billion in July, while combined fiscal revenue in the first seven months period hit USD1.49 trillion, marking an annual increase of 7.5 percent.
The slower growth was due to factors including carryover effects, slowing industrial activity and the government's efforts to cut taxes and fees to relieve the burden on businesses.
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