(Yicai) Nov. 19 -- China's fiscal revenue expanded 5.5 percent last month, mainly because the policy package introduced in September supported economic recovery and boosted business confidence, according to the latest official data.

Tax revenue achieved positive growth for the first time this year in October, up 1.8 percent from a year earlier, data released yesterday by the Ministry of Finance showed.

The rebound in tax revenue last month was mainly because of a narrower decline in value-added tax proceedings, an increase in individual income tax, and a 1.5-fold jump in stamp duty revenue from securities transactions, according to the MOF.

In the first 10 months of the year, China's general public budget revenue fell 1.3 percent to CNY18.5 trillion (USD2.56 trillion) from the same period last year, according to the MOF data. The year-on-year decline narrowed from 2.2 percent in the first nine months.

Tax revenue fell 4.5 percent to CNY15.1 trillion, while non-tax revenue soared 15.3 percent to CNY3.4 trillion in 10 months ended Oct. 31 from the same period last year.

The central government and local governments collected about CNY8.25 trillion (USD1.15 trillion) and CNY10.25 trillion in fiscal revenue, down 3.9 percent and up 0.9 percent, respectively, in the period.

China's fiscal expenditure totaled CNY22.2 trillion between January and October, up 2.7 percent from a year earlier, MOF data also showed. This compares with a 2 percent growth in the January-to-September period.

China has sufficient policy tools and resources to ensure the balance between the country's fiscal revenue and expenditure, Finance Minister Lan Fo'an said at a recent press conference.

Editor: Futura Costaglione