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Thursday, April 20, 2017, 22:14

China's Q1 tax revenue rises

By Xinhua

China's Q1 tax revenue rises
A teller counts yuan banknotes in a bank in China. (Provided to China Daily)

BEIJING -- China's tax revenue grew faster in the first quarter, official data showed on Thursday.

The tax authority collected 3.33 trillion yuan of revenue (excluding export rebates). It represents an increase of 11.8 percent from a year ago, compared with an annual rise of 4.8 percent registered in 2016, according to the State Administration of Taxation.

The growth [in tax revenue] was buoyed by positive economic indicators, notably the producer price index

The growth is buoyed by positive economic indicators, notably the producer price index, a main gauge of inflation at the factory gate which shows the economy firming up, Zheng Xiaoying, a senior official of the administration said at a press conference.

In breakdown, the central government collected 1.54 trillion yuan and the local governments collected 1.79 trillion yuan, an increase of 11.1 percent and 12.4 percent respectively.

The service sector contributed 55.7 percent of the total, 11.6 percentage points higher than secondary industries, reflecting improvement of industrial structure, Zheng said.

Nonetheless, tax revenue from secondary industry gained steam, showing the real economy is improving, Zheng added.

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