China's Fiscal Revenue Rose 5.7% in January-August as Securities Stamp Duty Jumped 82%

China's Ministry of Finance said on Friday that general public budget revenue rose 5.7% year on year to 156.633 billion yuan in January-August, while general public budget expenditure increased 1.2% to 181.451 billion yuan, according to Jiemian News. Tax revenue climbed 6.6% to 129.104 billion yuan, non-tax revenue rose 1.5% to 27.529 billion yuan, and securities transaction stamp duty surged 82% to 21.6 billion yuan. By level of government, central government revenue rose 9.1% to 70.118 billion yuan and local government revenue increased 3.1% to 86.515 billion yuan. On the spending side, central government expenditure grew 6% to 28.177 billion yuan, while local government expenditure edged up 0.3% to 153.274 billion yuan. Social security and employment spending rose 6.5% to 32.73 billion yuan, and health spending increased 9.2% to 14.978 billion yuan. China's government fund budget revenue fell 19% to 21.419 billion yuan in January-August, with local government fund budget revenue down 22.9% to 18.127 billion yuan. Revenue from land-use rights sales dropped 28.6% to 13.753 billion yuan. Jiemian News also reported that new local special bond issuance reached about 3.06 trillion yuan by September 14, completing nearly 70% of this year's 4.4 trillion yuan quota.