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Official: China's fiscal revenue to grow 1.2 trillion yuan
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14:04, December 10, 2007

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China's fiscal revenue will rise at least one trillion yuan (135.2 billion U.S. dollars) this year judging from the financial figures in the first nine months, said Jia Kang, director of the Research Institute for Fiscal Science under the Ministry of Finance.

He revealed that from January to September, fiscal revenue had already increased 900 billion yuan over the same period last year.

The increment was attributed to China's sustaining policy of emancipating productivity through tax cuts and providing a preferential environment for investors, both foreign and domestic, in the first two decades since China launched reform and opening-up in 1978.

"In addition, the stock market is another major contributor to revenue growth," Jia stressed. "The market's contribution will increase by more than 100 billion yuan."

In May, China raised its stamp duty from 0.1 percent to 0.3 percent.

Last year, China's fiscal revenue reached 3.9373 trillion yuan, 24.4 percent higher than 2005.

Source: Xinhua