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China's 2012 Fiscal Revenues Rise 12.8 Percent |
| Source: |
shanghaidaily.com |
| Source Date: |
Tuesday, January 22, 2013 |
| Focus: |
Institution and HR Management
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| Country: |
China |
| Created: |
Jan 29, 2013 |
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China's fiscal revenue growth slowed sharply in 2012 due to economic downshift and tax breaks, the Ministry of Finance (MOF) said today.
The nation's fiscal revenues rose 12.8 percent year-on-year to 11.7 trillion yuan (US$1.9 trillion) in 2012, with the growth rate dropping 12.2 percentage points from a year earlier, the MOF said in a statement.
The ministry attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.
China's fiscal spending climbed 15.1 percent year on year to 12.6 trillion yuan in 2012, according to MOF data.
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