Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Forget About 5G, China Says. We’re Already Developing 6G
Alibaba Sued by Home Appliance Maker Over E-Commerce Marketing
WeChat Pay Eyes Foreign Visitors in Race with Alipay
LATEST
Expanding Central Bank Campaign Imposes More Fines for Money Laundering
Investors Applaud SMIC and YY, Shun Huami After Latest Earnings Reports
China Sets PM2.5 Goals for Yangtze River Delta and Fenwei Plain Regions
Is Didi Next in Line for Valuation Correction?
Challenging Tesla, Chinese Property Giant Vows to Unveil First Electric Car Next Year
Two Persons Diagnosed With Pneumonic Plague in Beijing
Huawei Hands Out Billions in Bonuses for Staff Response to Sanctions
Tencent Marks Anniversary by Touting Its Tech as Good for Society
Xiaomi Maintains Lead in India Handset Market, but Chinese Rivals Pose Growing Threat
China to Launch Mobile Number Portability Program on Dec. 1
China’s Pork Prices Rose 101% Year-on-Year in October
In Depth: Is the Sharing Economy Bubble Bursting?
After Double 11 Smashes Shopping Records, What Next for China’s E-Commerce Giants?
China ‘Confident’ That Brazil Will Let Huawei Build Its 5G Mobile Network
Gree to Invest $290 Million in Another Chipmaker
China Raises Annual Rare Earths Quotas at Least 10%
Update: Alibaba’s ‘Double 11’ Shopping Gala Reaches New High as Hong Kong IPO Looms
‘Double 11’ Spending Boom Comes at Environmental Cost, Study Warns
Tencent’s Pony Ma Gallops Back Onto List of World’s Best-Performing CEOs
Two More Chinese Firms Downsize U.S. IPOs as Investor Interest Cools
China Posts First Fiscal Revenue Decline in Six Months

By Cheng Siwei and Zhao Runhua / Jun 14, 2019 07:15 PM / Economy

The downbeat figures come amid tax cuts intended to boost a slowing economy. Photo: VCG

The downbeat figures come amid tax cuts intended to boost a slowing economy. Photo: VCG

China recorded a decline in fiscal revenue in May, the first since November, official data showed Friday.

The country’s fiscal revenue dropped 2.1% year-on-year last month, down from a 2.8% rise in April, according to data from the Ministry of Finance. The downbeat figures come amid tax cuts intended to boost a slowing economy.

As tax cuts deepened, total tax revenues decreased 7% year-on-year in May, largely driven by a plunge in revenues from value-added tax, which declined 19.9% year-on-year to 394.2 billion yuan ($56.9 billion). The growth marked the weakest monthly reading in nearly 20 years.

Related: Fiscal Revenue Growth Slowed in March Amid Tax Cuts

Share this article
Open WeChat and scan the QR code