China's 2016 fiscal revenue declines by half

 This was a sharp drop from 8.4 percent in 2015 and 8.6 percent in 2014, partly because China's business tax was replaced with a value-added tax, the ministry said in an online statement. |  China's fiscal revenue slumped nearly by half last year to USD 2.33 trillion compared to the year before that, partly due introduction of value added tax and downward economic pressures, the Ministry of Finance said. The fiscal revenue grew a modest 4.5 percent year-on-year in 2016 to 15.96 trillion yuan (USD 2.33 trillion).

 This was a sharp drop from 8.4 percent in 2015 and 8.6 percent in 2014, partly because China's business tax was replaced with a value-added tax, the ministry said in an online statement. The slow growth was also due to downward economic pressures. Despite a stabilising economy, the growth in fixed-asset investment and industrial output fell, hindering fiscal revenue growth. The central government collected 7.24 trillion yuan in fiscal revenue, up 4.7 percent year-on-year, while local governments saw fiscal revenue rise 4.2 percent to 8.72 trillion yuan. Value-added tax jumped 30.9 percent year on year to 4.07 trillion yuan in 2016, while business tax nosedived 40.4 percent to 1.15 trillion yuan. Consumption tax fell 3.1 percent due to a fall in the output and sales of tobacco and refined oil. Fiscal expenditure rose 6.4 percent year-on-year to 18.78 trillion yuan.

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