Fiscal income, spending seen passing 5 trillion yuan

Updated 2018-04-19 11:44:05

China's national fiscal income and expenditure both surpassed 5 trillion yuan (5 billion) in the first quarter of this year amid stable economic growth, official data showed on Wednesday.

In the first three months, China's general public budget revenue increased 13.6 percent year-on-year to 5.05 trillion yuan, while expenditure stood at 5.1 trillion yuan, an increase of 10.9 percent on a yearly basis, according to data from the Ministry of Finance (MOF).

Stable economic growth, together with higher industrial product prices and improvement in corporate profitability and residents' income, have contributed to the fast growth, Lou Hong, head of the MOF's Treasury Department, said at a press briefing on Wednesday.

Thanks to progress in the country's supply-side structural reform as well as deleveraging and cutting costs, domestic enterprises' profitability has seen substantial improvement, Lou said.

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