China's fiscal revenue growth picks up but pressure remains

China's fiscal revenue grew faster in September but the country's exchequer faces great pressure in the fourth quarter of this year, the Ministry of Finance (MOF) said Monday.

Fiscal revenue rose 9.4 percent year on year to 1.09 trillion yuan in September , compared with a 6.2-percent increase in August, the MOF announced.

Revenue in the first nine months reached 11.4 trillion yuan, up 7.6 percent year on year.

"There will be great pressure on the central government's revenue in the fourth quarter, and most local governments will also face difficulties," the MOF said in a press release, citing a softening economy, structural tax reductions and fee cuts.

Revenue from value-added taxes dropped 3.5 percent year on year in September, improving slightly from a 4.7-percent decrease in August.

Revenue from taxes on business turnover rose 18.8 percent, slower than 21.1 percent in August.

Fiscal expenditure continued to soar as authorities took a proactive fiscal policy to support growth.

Fiscal spending jumped 26.9 percent year on year in September to 1.78 trillion yuan.Combined spending in the first nine months expanded 16.4 percent to 12.1 trillion yuan.

The government plans to raise the country's budget deficit to 2.3 percent of GDP for 2015, up from last year's target of 2.1 percent.

China's economy grew 6.9 percent year on year in the third quarter of 2015, a slower expansion than 7 percent in the first half.