(Yicai) Dec. 17 -- China's fiscal income rose at the fastest pace of this year in November, driven by economic recovery policies, a surge in non-tax revenues, and increased activity in the property and stock markets.

General public budget revenue, the sum total of tax and non-tax revenues, soared 11 percent to CNY1.4 trillion (USD192.2 billion) last month from a year earlier, compared with a 5.5 percent gain in October, according to data released by the Ministry of Finance yesterday.

Tax collection rose 5 percent to CNY1.1 trillion, which included a 1.4 percent rise from value-added tax to CNY461.8 billion (USD63.4 billion), a 37 percent increase from corporation tax to CNY111 billion, and a 173 percent surge from stamp duty on securities dealing to CNY22.1 billion (USD3 billion).

Tax revenue grew at a faster clip last month mainly because of the higher stamp duty take, Luo Zhiheng, chief economist at Yuekai Securities, told Yicai.

Non-tax revenue jumped 40 percent to CNY288.9 billion, thanks to the government's mobilization of existing assets, which increased the profits of state-owned enterprises, Luo noted.

In the first 11 months of the year, fiscal income dipped 0.6 percent to CNY19.9 trillion (USD2.73 trillion) from a year ago, while fiscal expenditure rose 2.8 percent to CNY24.5 trillion, the ministry’s figures also showed.

The government has rolled out measures to boost the property and stock markets since the end of September, Fu Linghui, a spokesman for the National Bureau of Statistics, said at a press conference yesterday. New homes sales increased both by area and number last month, and stock market turnover more than doubled from a year ago, he added.

The measures introduced to bolster the property market include lower rates on existing mortgages and reduced minimum down payments on second homes, while those to support the stock market include lower stamp duty on securities transactions and a special fund to finance stock buybacks.

If these two markets continue to pick up, tax revenue will keep growing, Luo noted. Additionally, if the central and local governments keep up their efforts to mobilize assets and increase the profits remitted by SOEs, annual fiscal revenue growth may shift from negative to positive, he added.

Editors: Dou Shicong, Futura Costaglione