BEIJING (Xinhua) -- China 's fiscal revenue fell 9.2 percent year on year in the first seven months of 2022, according to official data from the Ministry of Finance.
The ministry said on Wednesday that the country's fiscal revenue reached nearly 12.5 trillion yuan (about 1.84 trillion US dollars) during the period.
Fiscal revenue grew 3.2 percent year-on-year, excluding the impact of the VAT credit refund.
The central government collected about 5.74 trillion yuan in fiscal revenue, down 11.2 percent, while local governments collected 6.75 trillion yuan, down 7.6 percent.
Tax revenue amounted to about 10.27 trillion yuan from January to July this year, down 13.8 percent year on year.
The ministry said fiscal spending rose 6.4 percent year on year to 14.68 trillion yuan during the period.
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9.2 percent decrease in financial revenues in China during the first seven months