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China's fiscal revenue up 6.1% YOY in July

China's fiscal revenue rose 6.1% year over year to 1.75 trillion yuan in July, China Daily reported Aug. 13, citing Ministry of Finance data.

July's growth followed a 3.5% revenue gain in June.

The central government collected 860.7 billion yuan in fiscal revenue in July, up 1.2% year over year, while fiscal revenue at the local government level grew 11.4% to 885.4 billion yuan.

In the first seven months of 2018, fiscal revenue rose 10% year over year to 12 trillion yuan, according to the government data.

Meanwhile, fiscal spending during the period rose 7.3% to 12.6 trillion yuan, accounting for 59.8% of the budget for the year, the report said.

As of Aug. 13, US$1 was equivalent to 6.89 Chinese yuan.