China's government budget sees deficit in Q1

Both revenues and expenditures soar by 8.6% and 8.3% year-on-year in March

By Gokhan Ergocun

ISTANBUL (AA) - The central and local government budget revenues and expenditures in China increased by 8.6% and 8.3%, respectively, year-on-year in the first quarter of 2022.

The country's revenues totaled 6.2 trillion yuan ($961.7 billion) and expenditures reached 6.36 trillion yuan ($986.5 billion), while the budget deficit was 155 billion yuan ($24 billion), according to the data released by the Ministry of Finance on Wednesday.

The budget revenues of the central government increased by 7.6% and the revenues of local governments increased by 9.5%.

Tax revenues, which have the largest share in budget revenues, increased by 7.7% to 5.25 trillion yuan ($81.43 billion).

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