China’s fiscal revenues soar 4.7% as economic recovery picks up pace

China’s fiscal revenues grew 4.7% in the third quarter year-on-year, reversing its 7.4% loss from the previous quarter as the country continued to recover at a quicker pace from the COVID-19 pandemic, the finance ministry said on Wednesday.

China’s economy from July to September grew 4.9% year-on-year, still under expectations. However, its pace was faster in contrast to the second quarter’s 3.2% growth.

For the first two quarters of 2020, fiscal revenues had plummeted 6.4% from a year earlier to 14.10 trillion Yuan ($2.12 trillion), while fiscal expenditures dropped 1.9% to 17.519 trillion Yuan, the ministry said.

Liu Jinyun, a finance ministry official, told a briefing that tax receipts could get a boost from China’s continued economic rebound in the fourth quarter.