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)
Copyright (c) 2016 Dow Jones & Company, Inc.