Fiscal revenue growth slows sharply in Sept.

The Ministry of Finance (MOF) said Tuesday that China's fiscal revenue in September rose 17.3 percent year-on-year to reach 737.7 billion yuan (115.7 billion U.S. dollars), much slower than the 34.3-percent growth rate posted in August.

The slowdown in fiscal revenue growth was the latest of a series of economic data released on Tuesday that pointed to a slower economic growth in the world's second largest economy.

The National Bureau of Statistics (NBS) said Tuesday China's gross domestic product (GDP) expanded 9.1 percent year-on-year in the third quarter of the year, the slowest pace since the third quarter of 2009.

The GDP growth rate was down from 9.5 percent in the second quarter of this year and 9.7 percent in the first quarter,

The MOF said the slower growth in fiscal revenue followed a slight downturn in the economy and ongoing monetary tightening policies designed to cool down the property market.

In September, the central government collected 375.37 billion yuan, and local governments gathered 362.34 billion yuan, according to the MOF's statement.

September's growth took fiscal revenues for the first nine months to 8.16 trillion yuan, up 29.5 percent from a year ago, according to the ministry.

The MOF projects that 2011's fiscal revenue growth will slow down even further in the coming months due to an economic slowdown and the implementation of new personal income tax rules

Regarding the January-September fiscal revenue, 7.13 trillion yuan was collected in taxes, up 27.4 percent year-on-year, according to the MOF.

Referring to the fiscal revenue growth in the first three quarters as "relatively fast," the MOF said the figures demonstrated the combined result of the country's steadily developing economy, rising prices and sound corporate revenues.

Fiscal revenue in China includes taxes, administrative fees and other sources of government income, such as fines and income from state-owned assets.

Meanwhile, financial expend! itures r ose 27.5 percent year-on-year to reach 6.95 trillion yuan from January to September, according to the MOF.

Taking the first nine months together, the country's fiscal spending rose 27.5 percent from a year earlier to 6.95 trillion yuan, with 949.1 billion yuan spent on education, 800.3 billion on social security and employment, 706.2 billion on general public services, 396.5 billion on medical services and 228.6 billion on affordable housing.


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