In this undated photo, a worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. (PHOTO / XINHUA)

BEIJING — China's fiscal revenue expanded 14.9 percent year-on-year in the first five months of 2023, showed official data Friday.

The country's fiscal revenue amounted to nearly 9.97 trillion yuan (about $1.4 trillion) during the period, said the Ministry of Finance.

Tax revenue came in at about 8.48 trillion yuan in the January-May period, up 17 percent year-on-year

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The central government collected approximately 4.59 trillion yuan in fiscal revenue, up 13.1 percent year-on-year, while local governments collected approximately 5.38 trillion yuan, up 16.5 percent from a year earlier.

Tax revenue came in at about 8.48 trillion yuan in the January-May period, up 17 percent year-on-year.

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Fiscal spending rose 5.8 percent year-on-year to hit 10.48 trillion yuan during the period, according to the ministry.