BEIJING, Dec 19: China’s central and local governments recorded 4.82 trillion yuan ($ 651 billion) in fiscal revenue during the first 11 months of this year, up 33.5 per cent from the same period of last year. Revenue was 9.3 per cent higher than the annual budget, Finance Minister Xie Xuren said on Wednesday.

However, revenue and spending patterns diverged at the central and local levels. While central government revenue grew faster, local government spending expanded more rapidly.

The 11-month revenue total was 2.69 trillion yuan for the central government, up 37 per cent, and 2.13 trillion yuan for local governments, up 29.4 per cent, Xie added.

He attributed the higher revenue to rapid and stable growth of the economy, favourable conditions for the structure and efficiency of the economy, and better collection practices.

According to Xie, the first 11 months saw fiscal expenditure amount to 3.71 trillion yuan, up 25.2 per cent.

By expenditure category, 236 billion yuan was used for agricultural, forestry and water supply projects, up 31.4 per cent, 557.8 billion yuan for education, up 32.7 per cent, and 141.9 billion yuan for health and medical care, up 40.6 per cent.

Another 412.8 billion yuan went to social welfare projects, up 28.6 per cent and 117.4 billion yuan to scientific research, up 33 per cent.—APP