China sees fiscal revenue past US$1t
Source: Xinhua |
June 24, 2010, Thursday
|
Print Edition
Print Edition
CHINESE Finance Minister Xie Xuren yesterday said the country's fiscal revenue exceeded 6.85 trillion yuan (US$1 trillion) last year, up 11.7 percent, or 718.795 billion yuan, from 2008.
Xie revealed the figure in a report on last year's fiscal situation to the 15th session of the Standing Committee of the 11th National People's Congress, China's top legislature.
Central government expenditure exceeded revenue last year, resulting in a fiscal deficit of 750 billion yuan, which was within the limit approved by the national legislature, Xie said.
The government's total central fiscal expenditure exceeded 4.38 trillion yuan, an increase of about 843.1 billion yuan over that of the previous year, Xie said.
The outstanding national debt reached 6.02 trillion yuan at the end of last year, which was within the 6.27 trillion yuan limit in the annual budget, he said.
The total central fiscal expenditure included about 1.53 trillion yuan of central government spending and almost 2.86 trillion yuan of tax rebates and transfer payments to local governments, Xie said.
The central fiscal spending on national defense was 482.5 billion yuan in 2009, he said.
Of the total expenditure, 56.76 billion yuan went to the education sector, 6.35 billion yuan channeled to the medical and health care sector, and 45.44 billion yuan on social security and employment, he said.
The government would promote meticulous management of public finances, deepen fiscal system reform, enhance efficiency and transparency of budgets, and step up scrutiny of major government-funded projects, Xie said.
The government would make its organs publish "every major item" in their budget list by 2011, he said.
Xie revealed the figure in a report on last year's fiscal situation to the 15th session of the Standing Committee of the 11th National People's Congress, China's top legislature.
Central government expenditure exceeded revenue last year, resulting in a fiscal deficit of 750 billion yuan, which was within the limit approved by the national legislature, Xie said.
The government's total central fiscal expenditure exceeded 4.38 trillion yuan, an increase of about 843.1 billion yuan over that of the previous year, Xie said.
The outstanding national debt reached 6.02 trillion yuan at the end of last year, which was within the 6.27 trillion yuan limit in the annual budget, he said.
The total central fiscal expenditure included about 1.53 trillion yuan of central government spending and almost 2.86 trillion yuan of tax rebates and transfer payments to local governments, Xie said.
The central fiscal spending on national defense was 482.5 billion yuan in 2009, he said.
Of the total expenditure, 56.76 billion yuan went to the education sector, 6.35 billion yuan channeled to the medical and health care sector, and 45.44 billion yuan on social security and employment, he said.
The government would promote meticulous management of public finances, deepen fiscal system reform, enhance efficiency and transparency of budgets, and step up scrutiny of major government-funded projects, Xie said.
The government would make its organs publish "every major item" in their budget list by 2011, he said.
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