China's fiscal revenue grows 30.6pc in first half
Tuesday, 24 July 2007
BEIJING, July 23 (Xinhua): China's fiscal revenue grew 30.6 per cent year-on-year to 2.6 trillion yuan in the first half of the year, putting the world's fourth largest economy well on the track of breaking last year's record high of nearly four trillion yuan.
Statistics released today by the ministry of finance revealed that the figure accounts for 59.3 per cent of the year's revenue budget, with 1.45 trillion yuan belonging to the central government, up 32.6 per cent year-on-year, and 1.16 trillion yuan belonging to local governments, up 28.1 per cent year-on-year.
The nation's fiscal expenditure stood at 1.8 trillion yuan in the first six months, representing a 22.7 per cent rise from the same period last year and making up 38.5 per cent of the year's national budget.
The local governments spent the majority, or 1.37 trillion yuan, up 27.5 per cent, while the central government spent 422.9 billion yuan, an increase of 9.5 per cent year on year.
Finance Minister Jin Renqing attributed the rapid growth in fiscal revenue partly to rapid increases in income taxes and import duties on the back of the fast-growing national economy, which enjoyed a 11.5-per cent growth in the first half.
Statistics released today by the ministry of finance revealed that the figure accounts for 59.3 per cent of the year's revenue budget, with 1.45 trillion yuan belonging to the central government, up 32.6 per cent year-on-year, and 1.16 trillion yuan belonging to local governments, up 28.1 per cent year-on-year.
The nation's fiscal expenditure stood at 1.8 trillion yuan in the first six months, representing a 22.7 per cent rise from the same period last year and making up 38.5 per cent of the year's national budget.
The local governments spent the majority, or 1.37 trillion yuan, up 27.5 per cent, while the central government spent 422.9 billion yuan, an increase of 9.5 per cent year on year.
Finance Minister Jin Renqing attributed the rapid growth in fiscal revenue partly to rapid increases in income taxes and import duties on the back of the fast-growing national economy, which enjoyed a 11.5-per cent growth in the first half.