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China's fiscal spending jumps 33.2 percent year-on-year in April
May 14, 2015 / 9:00 AM / 2 years ago

China's fiscal spending jumps 33.2 percent year-on-year in April

Beijing's central business district on March 28, 2015. REUTERS/Kim Kyung-Hoon

BEIJING (Reuters) - China’s fiscal spending jumped 33.2 percent in April from a year earlier, data from the Ministry of Finance showed on Thursday, quickening sharply from the 4.4 percent rise seen in March, reflecting the government efforts to support a slowing economy.

The government has set a wider budget deficit for 2015 to step up spending and spur economic growth, and policy insiders have told Reuters that in addition to further monetary easing, the government may resort to fiscal stimulus.

Government spending totalled 1.25 trillion yuan (128 billion pounds) in April, the ministry said.

“Finance departments have earnestly implemented the pro-active fiscal policy despite slower economic growth and the pressure on fiscal revenues,” the ministry said.

For the first four months, spending rose 26.4 percent from a year earlier, it said.

China’s economic growth slowed to a six-year low 7 percent in the first quarter as demand at home and abroad faltered, and recent data showed weakness persisted into the second quarter.

A breakdown of the January-April figures showed spending on the environmental protection rose 30.5 percent from a year earlier, while spending on transportation jumped 57.8 percent.

Expenditure on social security and employment climbed 16 percent and expenditure on housing benefits rose 21.2 percent.

Fiscal revenues rose 8.2 percent in April from a year earlier, the data showed, up from a 5.8 percent rise in March.

Income tax receipts from manufacturers fell 4.5 percent in April from a year earlier, while revenues from property companies fell 11.9 percent, the ministry said.

Domestic value-added tax receipts rose 2.4 percent while consumption taxes rose 22.7 percent,

Reporting by Kevin Yao; editing by Simon Cameron-Moore

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