China's tax revenue up 7.6% in first three quarters

BEIJING - China collected 8.38 trillion yuan ($1.32 trillion) in taxes in the first three quarters of this year, up 7.6 percent year on year, new data showed on Wednesday.

Growth was in line with overall economic growth in the first three quarters, the State Administration of Taxation said in a statement.

Tax collected from the tertiary industry grew by 8.1 percent, with its tax revenue accounting for 55.6 percent of the total in the first three quarters, while tax from the secondary industry rose 2.4 percent.

Tax collected from the financial sector posted a strong growth of 264 percent, the main driving force for the overall increase.

In the same period, tax refunds for exported goods surged 12 percent to 960 billion yuan.