Hot property market fires up tax revenue

Growth in tax revenue has been accelerating over recent quarters as a reflection of the economic recovery, with improved company performance and a thawing property market spurring the advance.

Nationwide, tax revenue was 8.44 trillion yuan ($1.39 trillion) in the first three quarters, up 9 percent with the growth rate and accelerating 0.4 percentage point from the same period last year, the Ministry of Finance said in an online statement on Monday.

Tax revenue growth has been rising on a quarterly basis from the 6 percent growth recorded in the first three months and 7.9 percent in the first half. The ministry said 77.3 percent of the annual target was accomplished by the end of September.