Beijing' Inspector digital for sale s government revenue down 11.6% in Jan-May
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Beijing's government revenue down 11.6% in Jan-MayPublished: 18 Jun 2009 23:21:27 PST<p class="authorInfor"></p><!--begin CK content--><ul class="narrow">Top 5 News From ChinaKnowledge.comHang Seng Index opens 180 points higher on FriThe Link REIT's distributable income rose 13.5% in FY 2009China's coal imports hit 9.43 mln tons in MaySuning may buy into Japan's LaoxUBS cuts shareholding in Maanshan Iron & SteelJun. 19, 2009 (China Knowledge) - Beijing's government revenue declined 11.6% from the previous year to RMB 82.83 billion in the first five months of this year, experiencing the first drop to occur in the first half of a year since 1994, said Yang Xiaochao, director of Beijing's finance bureau, the China Daily reported.
Yang attributed the decline to plunging business profits caused by weak market demand, active fiscal policies that included tax cuts and increased export tax rebates.
The government's revenue reached RMB 13.4 billion in the first half of June, exceeding that of the whole month of June last year, Yang said, adding that Beijing will see revenue growth in the second half of 2009.
He said that the government will strive to break even by cutting government expenditures on overseas trips, vehicles and receptions. Beijing's government spending rose 16.1% to RMB 72.74 billion during the period from January to May.
Beijing's government revenue had been growing at an annual rate of more than 20% for 14 years when it dropped last August.
In the first five months of this year, Beijing's fixed-asset investment amounted to RMB 130.16 billion, up 7.7% compared with a year ago.
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