Thursday, December 11, 2008

Yuan Watch : Declining Meatballs 2008-12-11 16:36:30

BEIJING, Dec. 11 (Xinhua) -- China's fiscal revenue dropped 3.1 percent in November from a year earlier, accelerating its decreasing pace in October, the Ministry of Finance announced on Thursday.

The ministry attributed the decline to slowing economic growth and tax cuts to boost economy.

Fiscal revenue totaled 379.2 billion yuan (55.4 billion U.S. dollars) last month, down 3.1 percent year on year.

In October, the country reported 532.9 billion yuan in fiscal revenue, down 0.3 percent year on year, the first decline in 12 years.

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