BEIJING: China's fiscal revenues in the first two months of this year rose 13.1 percent from the same period a year earlier to 2.1 trillion yuan ($332.8 billion), the Ministry of Finance said on Monday.
Revenues from the value-added tax, the lion's share of total tax revenues, rose 1.9 percent in January and February from a year ago to 445.6 billion yuan, the ministry said in a statement on its website.
It added that the value-added tax in sectors such as refined oil, steel, general equipment and automobiles grew at a slower clip in the first two months, due to slowing industrial output and easing factory gate inflation.
Total receipts from personal income tax during the same period dropped 3.9 percent to 141 billion yuan, as the ministry started raising the threshold of levying individual income tax since last September.
It also said that the fiscal expenditure in the first two months rose 32.8 percent from a year earlier to 1.4 trillion yuan.
China posted a record 10.37 trillion yuan in national fiscal revenues in 2011, a jump of 24.8 percent from 2010, leaving Beijing with plenty of financial firepower to help manage an economic soft-landing.
The ministry has planned 800 billion yuan in its annual fiscal deficit this year, a bit lower than the target of 850 billion yuan set in 2011.
The Chinese government's spending pattern in previous years is to run a huge deficit in December, wiping out surpluses accumulated in the first 11 months to pull the entire budget into the red for the year.
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