RMB. Photo: iStock
Commercial bank asset management subsidiaries will be supported in an effort to invest in capital supplementary bond. Photo: iStock

China’s fiscal revenue in October experienced negative year-on-year growth for the first time, likely showing the effects of imposed tax cuts, The Paper reported.

In October, national general public budget revenue was 1.572 trillion yuan (US$230 billion), down 3.1% from a year earlier. Tax revenue was 1.346 trillion, a 5.1% decrease compared to the same month last year.

Meanwhile, non-tax revenue was 226.3 billion yuan, up 10.8% year-on-year, according to data released by the Finance Ministry.

Zhang Lianqi, a fiscal and taxation expert, said that tax revenue and value-added tax in the fiscal revenue all decreased in October, reflecting the outcome of tax and fee reductions as well as deepening reform of the value-added tax (VAT).

The fiscal expenditure was 1.203 trillion yuan, an increase of 8.2% from a year earlier.