World Bulletin / News Desk
China's fiscal spending jumped in July to 37.1 percent from a year earlier, quickening from 17.7 percent in June, official data showed on Friday, the latest evidence that the government is stepping up efforts to combat an economic slowdown.
The world's second-largest economy expanded at the slowest pace in more than three years in the second quarter and the latest data pointed to weaker factory output and retail sales, fanning market expectations of fresh policy easing from Beijing.
Fiscal expenditure of 952.8 billion yuan ($149.83 billion) in July consisted of 167 billion yuan by central government and 785.8 billion yuan by local governments, the Ministry of Finance said in a statement on its website, www.mof.gov.cn
The government has been fast-tracking some infrastructure projects and doling out subsidies for energy-efficient home appliances in hopes of giving a lift to its economy.
Government spending was focused on key programmes to improve people's livelihood, the ministry said. Spending on affordable housing soared 39.2 percent during the January-July period from a year earlier while that on transportation rose 34.9 percent.
The government has also increased expenses on healthcare and education, with spending on the two areas rising 25 percent and 32 percent in the first seven months year-on-year, respectively.
China's fiscal revenues rose 8.2 percent in July from a year earlier to 1.07 trillion yuan, the ministry's data showed. The growth rate slowed from a rise of 9.8 percent in June and 13.1 percent in May.
The ministry attributed a slowing fiscal revenue growth to falling corporate earnings and tax cuts in some sectors.
Revenues from value-added tax in July edged up 0.7 percent from a year earlier, while consumption tax receipts rose 11.5 percent.
Receipts from cooperate income tax in July inched up 2.8 percent from a year earlier, after a rise of 10.1 percent in June, in line with the slowing economy and falling factory-gate prices, which eat into corporate earnings.
Fiscal incomes from business tax rose 13.3 percent from a year earlier, with tax receipts from the property sector rising 7.6 percent.
Activists decry decision by Cambodia’s Ministry of Labour, one warning could lead to civil unrest
The move was cheered by the Zambia Congress of Trade Unions and Federation of Free Trade Unions
With overnight temperatures already nudging below freezing in Ukraine, European Commission President Jose Manuel Barroso hailed an accord clinched in Brussels
Xinhua said China has sent 20 teams to Thailand, the Philippines, Malaysia, Cambodia and other neighbouring countries, arresting 75 suspects.
Supporters say law will return country to energy self-sufficiency; critics say it is too lenient on companies.
The toll is expected to be introduced in 2016. Motorists have to pay it by registering their license plates via the internet. Foreigners can also pay the levy at gas stations
Moscow's Arbitration Court ruled in favour of prosecutors who said Bashneft was unlawfully sold to local authorities in the early 2000s before being sold in 2009 to oil-to-telecoms conglomerate Sistema
Waste oil from Chinese dinner tables to power airplanes by converting into aviation biofuel
The World Bank announced Singapore had been ranked the best country to do business in for a ninth consecutive year
LPG "certainly provides lower carbon dioxide per unit of energy than diesel and petrol when used in vehicles" expert claims
52 countries and regions including Germany, UK and South Africa agree to exchange financial information
OPEC members have previously said they wanted oil at around $100 a barrel
World stocks rose on Wednesday, lifted by strong corporate earnings and investor optimism that the U.S. Federal Reserve won't raise interest rates for some time, even as it is expected to officially wind down its bond-buying stimulus programme
London-based solar plant developer aims to bring solar power generated in Tunisia to Europe as electricity in 2018.
All 48 of the country's nuclear reactors were gradually taken offline following Fukushima, the world's worst nuclear disaster since Chernobyl in 1986.
British PM said the bill made it harder to make the case to keep Britain in the European Union before a membership referendum he has promised in 2017 if he is re-elected next year.