China’s general public budget revenue increased 8.9 percent year on year to 16.67 trillion yuan (2.32 trillion U.S. dollars) in the first three quarters of 2023, official data showed on Tuesday.
The central government collected 7.59 trillion yuan in revenue, up 8.5 percent year on year, and local governments saw revenue increase 9.1 percent to 9.08 trillion yuan, according to the Ministry of Finance.
Tax revenue totaled 13.91 trillion yuan in the first nine months, up 11.9 percent year on year.
Tuesday’s data also shows that general public budget spending expanded 3.9 percent year on year to 19.79 trillion yuan in the first nine months.
General public budget revenue consists of revenues from taxes and other sources. It is the financial guarantee to ensure the functioning of government.
