China's proactive fiscal policy maintains strong momentum

China's proactive fiscal policy has maintained strong momentum in the first three quarters, with fiscal revenue seeing a steady recovery, according to the latest official data released by the Ministry of Finance on Friday.

In the first three quarters, the country's general public budget revenue reached 16.39 trillion yuan ($2.25 trillion), up 0.5 percent year-on-year. Revenue also showed a clear quarterly rebound — down 1.1 percent in the first quarter, up 0.6 percent in the second, and up 2.5 percent in the third.

Tax revenue, the main component of fiscal revenue, grew 0.7 percent year-on-year during the period. Among major tax categories, domestic value-added tax, the largest category, rose 3.6 percent, outpacing the overall fiscal revenue growth by 3.1 percentage points.

Corporate income tax, the second-largest category, climbed 0.8 percent, 2.7 percentage points higher than in the first half. Other key categories, such as domestic consumption tax, also maintained steady growth.

On the expenditure side, fiscal authorities strengthened resource coordination, intensified spending efforts, and optimized the expenditure structure, ensuring sound funding for key livelihood and strategic sectors. In the first three quarters, China's general public budget expenditure reached 20.81 trillion yuan, up 3.1 percent year-on-year.

yinmingyue@chinadaily.com.cn