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Tax revenue posts faster rise in Q1

CHINA’S tax revenue grew faster in the first quarter, official data showed yesterday.

The tax authority collected 3.33 trillion yuan (US$484 billion) of revenue, excluding export rebates. It marked an increase of 11.8 percent from a year ago, compared with an annual rise of 4.8 percent in 2016, according to the State Administration of Taxation.

The growth is buoyed by positive economic indicators, notably the Producer Price Index, a main gauge of inflation at the factory gate, which shows the economy firming up, Zheng Xiaoying, a senior official of SAT said at a press conference.

The central government collected 1.54 trillion yuan, and local governments received 1.79 trillion yuan, up 11.1 percent and 12.4 percent respectively.

The service sector contributed 55.7 percent of the total, 11.6 percentage points higher than secondary industries, reflecting improvement of industrial structure, Zheng said.

Tax from secondary industry rose, showing the real economy is improving, Zheng said.

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