China’s Tax Revenues for January-July Drop 6.2% Year-on-Year

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The economic impact of the COVID-19 pandemic continue to crimp China’s general budgetary revenues into the second half of 2020.

The latest data from the Ministry of Finance (MOF) indicates that national general public budgetary revenues were 11.4725 trillion yuan for the period from January to July, for a YoY decline of 8.7%.

Central general public budgetary revenues were 5.3575 trillion yuan, for a YoY decline of 11.3%, while local general public budgetary revenues were 6.115 trillion yuan, for a YoY decline of 6.2%.

National tax revenues were 9.8509 trillion yuan, for a YoY decline of 8.8%, while non-tax revenues were 1.6216 trillion yuan, for a YoY decline of 7.7%.

Over the same period national general public budgetary expenditures were 13.3499 trillion yuan, for a YoY decline of 3.2%, including 1.8976 trillion yuan in central expenditures, for a YoY decline of 3.2%, and local expenditures of 11.4523 trillion yuan, for a similar YoY decline of 3.2%.

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