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

China's fiscal revenue rose 0.5 percent year-on-year in the first quarter of 2023, while fiscal expenditure grew by 6.8 percent over the same period, the Ministry of Finance announced Tuesday.

Li Dawei, an official at the finance ministry, said at a press conference that fiscal revenue at the central level went down by 4.7 percent year-on-year across January to March. National tax revenue came in at 5170.7 billion yuan ($752.5 billion) in the first quarter, a 1.4 percent contraction from a year earlier.

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He added that fiscal revenue growth is likely to slow down in the second quarter. He said the country will also accelerate the issuance and use of special local government bonds.