China's fiscal revenue down 2.3% in first 2 months of 2024

China's fiscal revenue fell 2.3 percent year on year in the January-February period, but rose 2.5 percent after adjusting on comparable basis, official data showed Thursday.

At a press conference held Thursday, Deputy Finance Minister Liao Min attributed the fiscal revenue decline to a higher comparative basis from the same period of last year and the country's tax and fee reduction incentives to support businesses.

A breakdown of the data showed that the central government collected 2.07 trillion yuan (about 291.8 billion U.S. dollars) in fiscal revenue, down 4.8 percent year on year, while local governments collected 2.39 trillion yuan, unchanged from a year earlier, according to the ministry.

Tax revenue came in at 3.78 trillion yuan in the January-February period, down 4 percent year on year.

The country's fiscal expenditure expanded 6.7 percent during the period, accounting for 15.3 percent of the country's annual budget, Liao told the press conference.

More spending has been channeled into sectors such as employment boost, education, urban and rural community services, and agriculture, forestry, water conservancy and transportation, according to Liao.

In the government work report, the country vowed to continue to implement a proactive fiscal policy and a prudent monetary policy in 2024. An array of measures to boost growth this year have also been disclosed, including 3.9 trillion yuan of special-purpose bonds for local governments and the issuing of ultra-long special treasury bonds.

Looking ahead, Liao said the policy package would not only consolidate and enhance the momentum of the economic recovery, but also promote supply-side structural reform, technological innovation and development of new quality productive forces, which are expected to benefit the country's medium and long-term economic development.