Tax revenue too high

The exceptionally high growth in fiscal revenues for the first half of this year is eye-catching, especially considering the hard times the economy is facing.

While its GDP growth rate dipped to 7.6 percent in the second quarter, the lowest in three years, China's fiscal revenues for the first two quarters, the bulk of which are from taxation, grew by 12.2 percent.

And even though the economy has slowed, there was a 21.1 percent growth in corporate business tax revenues in June, much higher than its overall tax revenue growth in the same month.