China’s public budget expenditure hits record high | 2019-01-24

China’s public budget expenditure hits record high

23rd January, 2019 10:33:54 printer

BEIJING: China's public budget expenditure reached a record high while revenue grew steadily, official data showed Wednesday.

Public budget expenditure totaled 22.0906 trillion yuan (3.267 trillion U.S. dollars) last year, up 8.7 percent year on year, while revenue rose 6.2 percent year on year to reach 18.3352 trillion yuan, according to the Ministry of Finance (MOF), reports Xinhua.

Education, social security and employment took the lion's share of public budget spending, while spending on debt interest payment and science and technology grew the fastest.

Tax revenue stood at 15.64 trillion yuan, up 8.3 percent year on year.


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