Economic Trend News
- China's fiscal revenue reaches 2.6 trillion yuan in first half
Date: 23-Jul-2007 Sources: (Xinhua Online)
BEIJING, July 23 (Xinhua) -- China's fiscal revenue grew 30.6 percent 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 Monday by the Ministry of Finance revealed that the figure accounts for 59.3 percent of the year's revenue budget, with 1.45 trillion yuan belonging to the central government, up 32.6 percent year-on-year, and 1.16 trillion yuan belonging to local governments, up 28.1 percent year-on-year.
The nation's fiscal expenditure stood at 1.8 trillion yuan in the first six months, representing a 22.7 percent rise from the same period last year and making up 38.5 percent of the year's national budget.
The local governments spent the majority, or 1.37 trillion yuan, up 27.5 percent, while the central government spent 422.9 billion yuan, an increase of 9.5 percent 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-percent growth in the first half.
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