December 11, 2012 / 5:56 AM / in 5 years

UPDATE 1-China Nov fiscal revenue growth hits 2012 high

* Nov fiscal revenues up 21.9 pct on recovering economy

* Jan-Nov fiscal income topped full-year figure in 2011

* Nov fiscal spending up 6.7 pct yr/yr

BEIJING, Dec 11 (Reuters) - China’s fiscal revenues grew at their fastest pace this year in November, jumping 22 percent from a year ago, in another encouraging sign that the country’s economic recovery is gaining speed.

Faster growth in factory output, retail sales and fixed-asset investment boosted November receipts from value-added tax, business tax and enterprise income tax, the finance ministry said on Tuesday.

That helped China’s central and local governments to earn 787.1 billion yuan ($126.03 billion) in November, bringing total fiscal revenues in the first 11 months to 10.9 trillion yuan, exceeding 2011’s full-year income of 10.4 trillion yuan.

Tax revenues grew 14 percent in October and the quickening growth adds to evidence that China’s economy is rebounding.

Economic data over the weekend showed factory output and retail sales rose at their fastest pace in eight months in November, fuelling hopes that the world’s second-largest economy is snapping out of a seven-quarter long slide.

Still, the ministry cautioned against reading too much into Tuesday’s data. It said November’s fiscal revenue growth was lifted by low comparison figures a year ago, when the economy was in the throes of a slowdown.

Value-added tax revenues rose 16 percent in November from a year earlier, while enterprise income tax surged 51 percent.

Meanwhile, China’s fiscal expenditure rose 7 percent in November from a year earlier to 1.21 trillion yuan. The central government spent 149.5 billion yuan and local governments spent 1.07 trillion yuan, the ministry said.

State expenses for education jumped 33 percent in the first 11 months, while healthcare expenditure and affordable housing climbed 20 percent and 17 percent respectively.

Spending on transportation climbed 12 percent to 720.5 billion yuan. China has been fast-tracking infrastructure projects this year in the hope of bolstering economic growth.

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