China's Fiscal Revenue Falls Sharply in Jan

China's fiscal revenue totaled 613.16 billion yuan ($89.72 billion) in January, tumbling 17.1 percent from a year earlier, as a result of the economic downturn and tax cuts.
 

Central government coffers received 296.48 billion yuan in January, plummeting 28.4 percent from a year earlier, while local governments chalked up 316.68 billion yuan, down 2.7 percent from a year earlier, the Ministry of Finance said in a statement on its website on Monday.
 

The ministry said that last month's steep decline in fiscal revenue was mainly due to the economic slowdown, which has affected companies' performance, and the government's wide-ranging tax cuts, which are designed to stimulate the economy.
 

The Spring Festival holiday also contributed to the sharp fall in fiscal revenue in January as it cut five working days from the month.