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November 14, 2009

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China sees 28% gain in fiscal revenue

CHINA'S fiscal revenue for October reached 684.49 billion yuan (US$100 billion), up 28.4 percent compared to the same period last year, the Ministry of Finance announced yesterday.

Of the total, the central government collected 380.34 billion yuan, a rise of 37 percent year on year, while local governments collected 304.15 billion yuan, a gain of 19.2 percent.

A statement on the ministry's Website attributed the rise in fiscal revenue in October to the recovering economy, which has helped drive up tax collection, but was mainly due to the low-figure basis in October 2008.

The fiscal revenue last month jumped 22 percent from September's 560.94 billion yuan.

From January to October, the total fiscal revenue was 5.84 trillion yuan, up 408.8 billion yuan, or 7.5 percent annually, with the central government taking about 54 percent of the total.

October is the fifth straight month that growth in fiscal revenue has accelerated annually.


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