金融英语阅读：China’s fiscal revenue up 7.3% in August
BEIJING, Sept. 10 -- China's fiscal revenue stood at 561.94 billion yuan (about 82.6 billion U.S. dollars) in August, up 7.3 percent from one year earlier, the Ministry of Finance announced Friday.For the first eight months of 2010, fiscal revenues rose 23.6 percent year on year to 5.68 trillion yuan, the ministry said in a statement on its website.
The year-on-year growth in China's monthly fiscal revenue continued to slow from the July level of 16.2 percent, and is much lower compared with May's 20.5 percent this year.
Among the total, central fiscal revenues were down 2.4 percent from one year earlier to 298.79 billion yuan last month, while local governments collected about 263.15 billion yuan, up 20.8 percent year on year, it said.
Meanwhile, national fiscal spending was up 35.4 percent year on year to stand at 641.37 billion yuan in August. For the first eight months, nationwide expenditures totaled 4.6 trillion yuan, up 19.2 percent from one year ago.
The ministry attributed the slower growth in August to a relatively high comparison base over the same period last year when China's economy began to pick up following the global economic downturn.
The slowdown in growth was also caused by a decline in business income tax revenue, since the collection of business income tax for 2009 was completed by June this year, but in August last year Chinese enterprises were still turning in business income taxes for 2008, the statement said.
"It is natural to see fiscal revenue growth slowing down," said Bai Jingming, deputy head of a finance research institute under the Ministry of Finance, adding that a "high-low" trend in China's fiscal revenue this year is inevitable.
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