The budget deficit of China declined to 726 billion yuan in the first half of the year

The budget deficit in China in the first half of 2018 decreased to 726 billion 100 million yuan from 917 billion 700 million yuan in the same period last year, the Xinhua news agency reported. According to the country's Ministry of Finance, budget revenues grew by 10.6% year-on-year to 10 trillion 430 billion yuan. Expenditures increased by 7.8% to 11 trillion 160 billion yuan. According to the results of the first half of the year, tax revenues, net of tax refund on exports, amounted to 8 trillion 200 billion yuan, increased by 15.3%, data of the Main State Tax Administration of the People's Republic of China showed. Chinese authorities expect that by the end of 2018 the budget deficit will decrease to 2.6% of GDP in comparison with 3% of GDP in 2017.

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