In this undated photo, a clerk counts cash at a bank outlet in Hai'an county, Jiangsu province. The Ministry of Finance said China's fiscal revenue dropped 1.2 percent year-on-year in the first two months of 2023, while fiscal spending increased 7 percent year-on-year.
The ministry said that spending in key areas such as people's livelihood had been well ensured and the intensity of fiscal spending had remained strong, and spending in key areas such as people's livelihood had been well ensured.
Spending on social security and employment climbed 9.8 percent year-on-year, while spending on science and technology rose 3.9 percent.
Of the total revenue, the central government collected 2.18 trillion yuan $315.5 billion in revenue, down 4.5 percent year-on-year, while local governments collected 2.39 trillion yuan in revenue, up 2 percent year-on-year.
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In the first two months, tax revenue went down by 3.4 percent year-on-year. Revenue from value-added tax went up 6.3 percent, while revenue from consumption tax dropped 18.4 percent.