Millennium Post

Chinese fiscal revenue grew at 23-year low of 8.6% in 2014

China's fiscal revenue growth dipped to a 23-year low of 8.6 per cent last year due to a slump in the demand in the world's second largest economy and a fragile global market, raising concerns of a prolonged slowdown.

Chinese Finance Ministry said fiscal revenue stood at 14.04 trillion yuan ($2.3 trillion) compared to $2.11 trillion in 2013.

China's economy grew 7.4 per cent last year - its weakest expansion in 24 years.

The fiscal revenue was hurt by weak factory output, consumption, investment and corporate profits, said the ministry. Besides posting its lowest growth since 1990, Chinese economy also missed the official target of 7.5 per cent in 2014 for the first time in recent years, rising concerns about a
prolonged slowdown.

An IMF forecast said China's growth would fall below seven this year as it was expected to further decline to 6.8 this year and 6.3 next year.
Next Story
Share it