China's budget revenues up 0.8% in 1st 10 months

BEIJING

Central and local government budget revenues in China rose 0.8% in the first 10 months of this year compared to the same period last year, official data showed Monday.

According to the Finance Ministry, total budget revenues reached 18.65 trillion yuan (2.63 trillion dollars) in the January-October period.

Tax revenues increased 1.7% to 15.34 trillion yuan (2.16 trillion dollars), while non-tax revenues fell 3.1% to 3.31 trillion yuan (470 billion dollars).

Budget expenditures during the period rose 2% to 22.58 trillion yuan (3.18 trillion dollars), leaving a budget deficit of about 550 billion dollars in the 10-month period.

In 2024, China’s central and local government budget revenues stood at 21.97 trillion yuan (3.05 trillion dollars), while expenditures reached 28.46 trillion yuan (3.93 trillion dollars).

The government earlier signaled plans to increase budget expenditures to support growth by raising the budget deficit-to-GDP target from 3% to 4% this year.