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China fiscal revenue and spending growth slow in August

Reuters  |  BEIJING 

(Reuters) - in rose at its slowest monthly pace in 10 months, though for the whole of 2017 is still up slightly from last year in a boon to broad economic activity.

has pledged a pro-active policy to support the economy, and analysts have credited Beijing's pump-priming as one of the key factors underpinning solid growth this year.

In August, rose 2.9 percent year-on-year, the Ministry of Finance said on Monday, the smallest rise since October last year, mainly because some was front-loaded early in the year.

For the first eight months of the year, increased 13.1 percent to 13.16 trillion yuan ($2.03 trillion), with the pace of growth still up slightly from last year's 12.7 percent growth over the same period.

increased 7.2 percent in August, slower from July's 11.1 percent pace, while Jan-Aug rose 9.8 percent to 12.14 trillion yuan. growth over in the same period last year was 6.0 percent.

China's has defied expectations for a slowdown this year, as a government-led infrastructure drive sparked a boom in construction and underpinned demand and prices for everything from steel to cement to other building products.

Value-added tax rose 19.3 percent year-on-year in August to 390.8 billion yuan, while personal income taxes increased 18.7 percent and from vehicle purchase taxes rose 30.9 percent.

($1 = 6.4980 Chinese yuan renminbi)

(Reporting by Elias Glenn; Editing by Shri Navaratnam)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 11 2017. 10:14 IST
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