BEIJING - China’s fiscal revenues grew 4.7% in the third quarter from a year earlier, reversing a 7.4% drop in the previous quarter, the finance ministry said on Wednesday, as the country’s economic recovery picked up pace.
China’s economy in the July to September quarter expanded by 4.9% from a year earlier, weaker than analyst expectations but faster than the second quarter’s 3.2% growth. Liu Jinyun, a finance ministry official, told a briefing that tax receipts could get a boost from China’s continued economic rebound in the fourth quarter.The government is on track to cut taxes and fees by more than 2.5 trillion yuan in 2020, including 1.88 trillion yuan in the first eight months, the ministry said.
In July, China’s cabinet said it would allow local governments to use part of the money they raise from special bonds this year to recapitalise some small banks.
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