In this undated photo, a clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. (PHOTO / IC)

BEIJING - China's fiscal revenue amounted to approximately 18.55 trillion yuan (about $2.66 trillion) during the first 11 months of 2022, official data showed Tuesday.

The figure represents a drop of 3 percent from the same period last year, according to the Ministry of Finance.

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 6.1 percent from a year earlier

Excluding the impact of value-added tax credit refunds, fiscal revenue grew 6.1 percent from a year earlier.

The central government collected about 8.58 trillion yuan in fiscal revenue, down 2.9 percent, and local governments collected nearly 9.98 trillion yuan, down 3 percent.

Tax revenue came in at over 15.28 trillion yuan in the January-November period, down 7.1 percent year- on-year.

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Fiscal spending rose 6.2 percent year-on-year to hit around 22.73 trillion yuan during the period, according to the ministry.