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China's economy in the July to September quarter expanded by
4.9% from a year earlier, weaker than analyst expectations but
faster than the second quarter's 3.2% growth.
For the first nine months of the year, fiscal revenues fell 6.4%
from a year earlier to 14.10 trillion yuan ($2.12 trillion),
while fiscal expenditures dropped 1.9% to 17.519 trillion yuan,
the ministry said.
Liu Jinyun, a finance ministry official, told a briefing that
tax receipts could get a boost from China's continued economic
rebound in the fourth quarter.
"The decline in accumulative fiscal revenues will gradually
moderate," he said.
The government is on track to cut taxes and fees by more than
2.5 trillion yuan in 2020, including 1.88 trillion yuan in the
first eight months, the ministry said.
China has allocated 200 billion yuan in local government special
bonds to help resolve risks at small banks, Wang Kebing, a
second finance ministry official, told the briefing.
In July, China's cabinet said it would allow local governments
to use part of the money they raise from special bonds this year
to recapitalise some small banks.
China's local governments will be allowed to issue 3.75 trillion
yuan in special bonds this year, up from 2.15 trillion yuan in
2019.
(Reporting by Kevin Yao, Writing by Gabriel Crossley; Editing by
Ana Nicolaci da Costa and Christian Schmollinger)
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