November 13, 2018 / 7:50 AM / a month ago

China Jan-Oct fiscal expenditure rises 7.6 pct y/y

BEIJING, Nov 13 (Reuters) - China’s fiscal expenditure in the first ten months of 2018 rose 7.6 percent from a year earlier, the finance ministry said on Tuesday.

In October alone, government spending picked up 8.2 percent from a year earlier, compared with an 11.7 percent increase in September.

China’s fiscal revenue for January-October rose 7.4 percent from the same period a year earlier, the ministry said on its website, while adding that fiscal revenue in October fell 3.1 percent on-year.

Personal income tax revenue rose 7 percent from a year earlier in October, with growth rate 13.8 percentage points lower than the preceding month.

China has raised the threshold for collecting income taxes from Oct. 1 as part of a major overhaul of the country’s individual income tax law in the hope of spurring growth.

The Chinese government has also pledged to take more fiscal measures to support wobbling economic growth, and to soften the blow from a heated trade war between Beijing and Washington. (Reporting by Beijing Monitoring Desk; Editing by Simon Cameron-Moore)

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