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 track to 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, 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.
During the period, the country's domestic turnover tax rose by 22.3 percent on last year while income tax was up 37.2 percent and import duties were up 22.2 percent, the ministry said.
However, the surge was partially driven by irregular factors, which are not sustainable, Jin said.
Accelerating growth in high-energy-consuming industries and fixed assets investment have contributed a great deal to the country's tax surge, he said.
Profits of the top six energy-intensive industries increased by 20.1 percent in the first half of 2007 while fixed assets investment growth reached 25.9 percent during the same period.
Meanwhile, the country tripled the stamp tax for stock transactions in May, which also boomed China's fiscal revenues, Jin said.
China's non-tax revenues, such as fees, fines and profits generated by state-run enterprises, rose by 41.1 percent on last year, the ministry said, declining to give further details.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article