Fiscal revenue dips 5.3% to $2.5 trillion

China's fiscal revenue stood at 16.95 trillion yuan ($2.59 trillion) in the first 11 months of this year, down by 5.3 percent on a yearly basis, official data showed. The decline narrowed from a fall of 5.5 percent in the first 10 months, according to data from the Ministry of Finance. Tax revenue between January and November fell by 3.7 percent from a year earlier to 14.42 trillion yuan. Revenue from value-added tax, the largest fiscal revenue source of the country, fell by 10.2 percent on a yearly basis.

Rio Tinto, Baowu Steel advance partnership

Rio Tinto has committed to invest $10 million with the world's largest steel producer China Baowu Steel Group over the next two years in low-carbon steelmaking projects and research, the company said on Wednesday. This investment is the next step in advancing the partnership formed between Rio Tinto, China Baowu and Tsinghua University in 2019 to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain, it said.

Xinhua - China Daily