Related News
China's fiscal revenue may exceed US$857b
By Winny Wang |
January 6, 2009, Tuesday
|
Print Edition
Print Edition
CHINA'S 2008 fiscal revenue is expected to exceed 6 trillion yuan (US$857 billion), Finance Minister Xie Xuren told a national conference in Beijing yesterday.
This represented a year-on-year increase of 19 percent, compared with a 32.4-percent growth in 2007. In the first 11 months of last year, China's fiscal revenue reached 5.8 trillion yuan, a rise of 20.5 percent from a year earlier. The expenditure also increased in the same period, up 23.6 percent to nearly 4.6 trillion yuan. But fiscal revenue dropped 3.1 percent in November from a year earlier.
The country's fiscal revenue increase started to decline in the second half of 2008 because of an economic slowdown, a decline in corporate profits and tax cuts to boost growth amid the global financial crisis, Xie said.
In October, China reported 532.9 billion yuan in fiscal revenue, down 0.3 percent year on year, the first decline in 12 years.
Xie expected the downward trend to continue in 2009, which would make it "a difficult fiscal year" marked by falling revenue growth and surging expenditure.
China will cut taxes and raise export rebates to ease the tax burden on corporations and individuals, he said.
The minister said that although easing of the tax policies will see a drop in the country's fiscal revenues in the short term, the move can encourage corporate investments and private consumption, which will promote a stable and rapid economic development.
The tax rebates will especially benefit the labor-intensive and high-technology sectors, Xie said, without elaborating.
Xie also said the government will expand public investments this year to boost consumption, including issuance of more national bonds, focus on people's livelihood, rebuild disaster-hit areas and raise subsidies for farmers.
The government allocated 595.56 billion yuan, an increase of 38 percent from 2007, to improve farmers' livelihood last year.
The funds included direct subsidies for farmers and investments to improve education, health care and social security in rural areas. Investment in education for urban and rural areas jumped 47 percent to 158.18 billion yuan and spending on health care grew 25.5 percent to 83.36 billion yuan.
This represented a year-on-year increase of 19 percent, compared with a 32.4-percent growth in 2007. In the first 11 months of last year, China's fiscal revenue reached 5.8 trillion yuan, a rise of 20.5 percent from a year earlier. The expenditure also increased in the same period, up 23.6 percent to nearly 4.6 trillion yuan. But fiscal revenue dropped 3.1 percent in November from a year earlier.
The country's fiscal revenue increase started to decline in the second half of 2008 because of an economic slowdown, a decline in corporate profits and tax cuts to boost growth amid the global financial crisis, Xie said.
In October, China reported 532.9 billion yuan in fiscal revenue, down 0.3 percent year on year, the first decline in 12 years.
Xie expected the downward trend to continue in 2009, which would make it "a difficult fiscal year" marked by falling revenue growth and surging expenditure.
China will cut taxes and raise export rebates to ease the tax burden on corporations and individuals, he said.
The minister said that although easing of the tax policies will see a drop in the country's fiscal revenues in the short term, the move can encourage corporate investments and private consumption, which will promote a stable and rapid economic development.
The tax rebates will especially benefit the labor-intensive and high-technology sectors, Xie said, without elaborating.
Xie also said the government will expand public investments this year to boost consumption, including issuance of more national bonds, focus on people's livelihood, rebuild disaster-hit areas and raise subsidies for farmers.
The government allocated 595.56 billion yuan, an increase of 38 percent from 2007, to improve farmers' livelihood last year.
The funds included direct subsidies for farmers and investments to improve education, health care and social security in rural areas. Investment in education for urban and rural areas jumped 47 percent to 158.18 billion yuan and spending on health care grew 25.5 percent to 83.36 billion yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
