China's Q1 tax revenue up 9.9%

China collected 2.6 trillion yuan (422.1 billion U.S. dollars) in taxes in the first quarter of 2014, up 9.9 percent year on year, an official said on Tuesday. Wang Lujin, spokesman for the State Administration of Taxation, said tax collected from the tertiary industry grew by 13.6 percent in the first quarter, 7.7 percentage points higher than the secondary industry. Tertiary industry tax accounted for 53.3 percent of the total from January to March, compared with the 51.6-percent share in the same period last year. Tax levied on state-owned enterprises, joint-stock and private companies increased by 7.8 percent, 10.6 percent and 13 percent respectively. Despite rising tax revenue, Wang said attaining fast growth will be difficult for the whole year as downward pressure was weighing on the Chinese economy.