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BIZCHINA / Finance |
China's fiscal revenue up 31 percent in 1st five monthsBy ()
Updated: 2007-06-28 11:20 China garnered 2.17 trillion yuan (US$285.8 billion) in fiscal revenue in the first five months of this year, an increase of 509.2 billion yuan, or 30.6 percent, from the same period last year, Finance Minister Jin Renqing said on Wednesday. The revenue made up 49.3 percent of the annual budget. The total comprised 1.22 trillion yuan for the central treasury, up 32.3 percent, and 951.4 billion yuan for local governments, up 28.5 percent. Jin attributed the fast growth in fiscal revenue partly to rapid increases in income taxes and import duties. Fiscal expenditure rose 20.1 percent to 1.34 trillion yuan nationwide from January to May, or 28.9 percent of the annual budget. The total comprised 296.1 billion yuan spent by the central government, up 3.3 percent, and 1.05 trillion yuan by local governments, up 25.9 percent. (For more biz stories, please visit Industry Updates)
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