China fiscal revenue rises in June

China’s fiscal revenue rose by 19.6% year-on-year to US$100.5 billion in June due to “positive changes” in China’s economy, the South China Morning Post reported. The Ministry of Finance said on Monday that spending rose by 21.5% year-on-year to US$93.7 billion, resulting in a surplus of US$6.6 billion. The ministry said the main reasons for the growth in revenue were an improving economy, some one-off tax revenues and an increase in the consumption tax on gasoline following adjustments to the fuel pricing mechanism. However, total fiscal revenue in the first half fell by 2.4% year-on-year to US$497.5 billion.