Tibet's fiscal revenue rises 5.7% in Q1

The fiscal revenue of Southwest China's Tibet autonomous region increased 5.7 percent in the first quarter of this year despite the novel coronavirus outbreak, Sina Finance reported on Saturday.

As of May 8 about 28 regions in China reported negative increase in fiscal revenue in Q1 with only Tibet recording positive increase in the same period.

The fiscal revenue data of North China's Hebei province and Northwest China's Xinjiang Uygur autonomous region has not been released yet.

Thanks to the contribution of internet economy, fiscal revenue in East China's Zhejiang province rose in the first two months of this year but fell 5.1 percent overall, the lowest in the nation, in the first quarter due to COVID-19.

Digital economy, including e-commerce, online working, telemedicine and online education, has surged rapidly during the epidemic.

With developed platform economy, Zhejiang's corporate income tax increased by 13.6 percent year-on-year from January to February, with information transmission and software and information technology service industry rising 311.3 percent on a yearly basis.

The situation in Southwest China's Yunnan province was similar to Zhejiang province, with 5.3 percent fiscal revenue decline in the first quarter.

Southwest China's Chongqing witnessed 6.5 percent GDP drop, better than national level, despite its fiscal revenue decreasing 23.2 percent year-on-year in Q1.

China's GDP shrank by 6.8 percent in the first quarter of this year and the country's fiscal revenue went down 14.3 percent year-on-year to 4.6 trillion yuan ($650.4 billion) in the same period, official data showed.

As the resumption of work has accelerated since March, China's micro economic indicators have improved significantly. The decline in fiscal revenue is expected to narrow in the second quarter of this year, the 21st Century Business Herald reported.

A country's fiscal revenue is closely related to economic situation and it is expected to return to positive growth in the long run as China's economic development recovers, the report said.