MNI DATA: China Gov Spending Slows in May: Finance Ministry

     BEIJING (MNI) - China's fiscal spending in May increased 0.5% from last

year to CNY1.70 trillion, compared with a 9.2% gain in the same period last

year.

     Spending by the central government increased 9.4% y/y in May to CNY298.1

billion, compared with a growth of 5.8% last year. Local government spending

declined 1.2% to CNY1.4 trillion, compared with a 9.8% rise in the same period

last year. The low growth in local government spending are mainly caused by

high-base last year.

     Total revenue gained 9.7% y/y to CNY1.76 trillion in May from a year ago,

compared with an increase of 3.7% in the same period of 2017.

     Central government revenue rose 8.8% to CNY865.0 billion in May, higher

than the decline of 3.6% last May, while local government incomes increased

10.6% to CNY898.1 billion, compared with a gain of 12% last May, the ministry's

data showed. 

     Tax revenue rose 12.8% to CNY1.59 trillion last month, compared with a

growth of 6.4% in same period last year, while non-tax incomes dropped 12.8% to

CNY171.9 billion.

     Value-added tax, consumption tax and corporate income tax increased 19%,

21.1% and 10.9% y/y respectively to CNY2.84 trillion, CNY603.1 billion and

CNY1.93 trillion during the first five months of the year, the data showed.

--MNI Beijing Bureau; +86 10 85325998; email: he.wei@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

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