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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

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