China's public revenues increased by 2023 percent in the first three months of 0,5 compared to the same period of the previous year, according to official data. The Ministry of Finance announced that the country's public revenues exceeded 6,23 trillion yuan ($905 billion) in that time frame. According to the Ministry, the growth dynamic seems to continue in the future in light of the general economic recovery trend. Meanwhile, China's gross domestic product grew by 4,5 percent year-on-year to almost 28,5 trillion yuan in the first three months of the year.
The central government also announced a state revenue of roughly 2,76 trillion yuan; this corresponds to a decrease of 4,7 percent compared to the previous year. On the other hand, local governments/administrations recorded revenues of approximately 3,47 trillion, an increase of five percent compared to the previous year.
Meanwhile, tax revenues amounted to 5,17 trillion yuan during the said period, but remained as low as 1,4 percent from the previous year. According to the data of the Ministry, public expenditures increased by 6,8 percent compared to the previous year and reached 6,79 trillion yuan in the same period.