China’s Fiscal Revenue up 3.2% in June

China’s fiscal revenue increased by 3.2% in June compared to last year, reflecting a 10% decrease in May with a return to expansion for the first time this year and in line with the recovery in the economy. China’s Finance Ministry said on Friday

Ministry of Finance Liu Jinyun told a news conference that fiscal revenue gradually recovered in Q2 after a significant decline in the first three months. The Chinese economy returned to growth in the Q2 after the recession at the beginning of the year. Still, weak demand underscored the need for more political support to recover from the effects of the pandemic.

The ministry reported that financial revenue in H1 fell 10.8% compared to the previous year to 9.6176 trillion yuan, while financial spending fell 5.8% to 11.6411 trillion yuan. Tax revenue declined 11.3% in H1 while non-tax revenue decreased 8%.