China’s general budget spending rises 4.2% during the first quarter
Beijing on April 19 / WAM / official data issued by the Chinese Ministry of Finance on Friday showed that the public budget spending increased by 4.2% on an annual basis, reaching 7,2815 trillion yuan (about $ 1.01 trillion) in the first quarter of this year.
Spending on the areas of education, social security, employment, energy saving and environmental protection initiatives witnessed remarkable growth during the same period, while public budget revenues fell by 1.1% on an annual basis to record 6,0189 trillion yuan in the first three months of this year, according to the Ministry’s data.
Despite this decrease, the stamp tax revenues witnessed a significant increase by 21.1% year on an annual basis to reach 107.5 billion yuan, and the revenues resulting from the stamp tax on stock trading increased by 60.6% compared to the previous year, to reach 41.1 billion yuan, which reflects the increasing demand for trading Chinese stocks during this period.
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