BEIJING--China's fiscal spending slumped last month, while revenue growth picked up modestly, official data showed Monday.

Overall fiscal expenditure dropped 12.5% in October from a year earlier, reversing an 11.3% rise in September, the Finance Ministry said.

The central government's spending was still up 5.6% year-over-year in October, but local governments' spending tumbled 15.5%, the ministry said. Local government spending surged nearly 40% in the same period last year, it said.

Fiscal revenue grew 5.9% on year in October, c/ompared with 4.9% in September, the ministry said.

Revenue from selling land-use rights to developers climbed 15.2% during the first 10 months, accelerating from 14.0% growth during the January-September period.


(END) Dow Jones Newswires

November 13, 2016 22:22 ET (03:22 GMT)

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