China collected 2.59 trillion yuan ($411 billion) in taxes in the first quarter of this year, up 10.3 percent from the same period last year, according to a statement on the Ministry of Finance's website. Following a decelerating trend in the last quarter of 2011, the growth rate was the lowest in three years, 22.1 percentage points lower than the first quarter of last year.
The main reasons for the slowing growth were sluggish economic growth and retreating prices, as well as a cooling property market and tax cuts, the statement said.
China Daily - Agencies
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