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China’s fiscal revenue reports robust growth

Beijing: Propelled by a strong economic growth, the fiscal revenue of China for 2007 is expected to reach 2.84 trillion Yuan (about $-389.5 billions), beating the budget forecast.

In the first 11 months, the fiscal revenue was 2.68 trillion Yuan, a 37 per cent jump over the same period last year, Ministry of Finance data showed.

The projected figure of 2.84 million is 401.1 billion Yuan above the budget forecast, the Cabinet said.

The extra money would be utilised to improve people’s livelihood with education, health care, social security on top of the government work agenda, the report submitted to China’s top legislature said.

Local governments would get a windfall too, with their extra fiscal revenue expected to reach 300 billion yuan, the report said.

“The huge extra fiscal revenue reflects China’s stable, rapid economic growth,” the report said, according to official Xinhua news agency.

By the end of the third quarter, most major economic indicators had already outstripped 2007 targets: industrial output, total fixed asset investment, retail sales, realised company profits and foreign trade.

Tax revenues derived from these activities also expanded rapidly in the first nine months. Value-added tax, import tax and individual income tax collections rose 9.9, 10.8 and 12.9 percentage points, respectively. — PTI

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