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Fiscal revenue dip slower in March

By Wang Xu (chinadaily.com.cn)
Updated: 2009-04-13 15:53

The government's revenue continued to decline in March as corporate profits further dropped.

Related readings:  China's fiscal revenue down 0.3% in March  China posts annual govt budget online for first time  Revenues decline 11.4% in Jan-Feb  China's February fiscal revenue down 1.2%

Revenue fell to 440.2 billion yuan ($64.45 billion), down 0.3 percent from the same period a year ago, the Ministry of Finance said on its website.

The government's revenue dropped 8.3 percent for the first quarter.

The ministry also said the decline in government revenue was slower in March, compared with an 11.4 percent drop for the first two months. But it said the prospect for the rest of the year was still worrisome, as the economic slowdown would continue to hurt corporate profits.

Meanwhile, government spending surged 31.4 percent to 500.74 billion yuan in March. For the first quarter, government expenditure rose 34.8 percent to 1,281.1 billion yuan, as it sought to prop up the economy with a massive stimulus package.