China's Ministry of Finance (MOF) announced Monday that the country's fiscal revenue reached 440.22 billion yuan (64.43 billion U.S. dollars) in March, down 0.3 percent year on year.

China's fiscal revenue decreased 8.3 percent year on year to 1.46 trillion yuan in the first quarter, said the MOF in a statement on its website. Tax revenue shrank 10.3 percent in the same period to 1.3 trillion yuan.

Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from government-owned assets.

Business profits shrank as the economic growth slowed, the MOF said. In addition, tax cuts to spur the economy also reduced government revenues.

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