Fiscal & tax revenue 2016

The general public budget revenue reached 15.96 trillion yuan($2.40 trillion) in 2016, an increase of 682.8 billion yuan or 4.5 percent over the previous year.

This was a sharp slowdown from the 8.4 percent in 2015 and 8.6 percent in 2014, partly because the country's business tax was replaced with a value-added tax, the ministry said in an online statement. The slow growth was also due to downward economic pressures. Despite a stabilizing economy, the growth in fixed-asset investment and industrial output fell, hindering fiscal revenue growth.

The central government collected 7.24 trillion yuan in fiscal revenue, up 4.7 percent year-on-year, while local governments saw fiscal revenue rise 4.2 percent to 8.72 trillion yuan.

Of the total general public budget revenue, the taxes collected in the whole year reached 13.04 trillion yuan, an increase of 543.2 billion yuan or up by 4.3 percent.

Value-added tax jumped 30.9 percent year-on-year to 4.07 trillion yuan in 2016, while business tax nosedived 40.4 percent to 1.15 trillion yuan. Consumption tax fell 3.1 percent due to a fall in the output and sales of tobacco and refined oil.

Fiscal expenditure rose 6.4 percent year-on-year, to 18.78 trillion yuan.