Fiscal revenues in 2005 to top US$375 billion
Updated: 2005-12-20 10:27
Chinese Finance Minister Jin Renqing said Monday
government revenues are expected to exceed 3 trillion yuan (about US$375
billion) this fiscal year up more than 15 percent over last year's 2.6 trillion
yuan (US$325 billion).
Addressing a national work conference on public finance, the minister said
government revenues for the first 11 months totaled 2.89419 trillion yuan
(US$362 billion), up 18.5 percent year-on-year.
That figure includes 1.5560 trillion yuan (US$195 billion) collected by the
central government which is up 17.5 percent, and 1.338 trillion yuan (US$167
billion) collected by local government an increase of 19.8 percent, he said.
Total government expenditures for the country during the 11 month period
stood at 2.5326 trillion yuan (US$316.8 billon), up 17.3 percent, including
665.99 billion yuan in central government expenditure which is up 6.2 percent.
Local governments registered a growth rate of 21.8 percent in their
expenditures during the period, totaling 1.8666 trillion yuan, said the
Jin said that China's government revenues reached 2.1715 trillion yuan in
2003, the first time it exceeded 2 trillion yuan.
It took China's governments five years to increase their annual revenues from
about 1 trillion yuan (about US$125 billion) to the 2 trillion yuan (US$250) and
two years to grow from 2 trillion yuan to 3 trillion yuan (US$375 billion), Jin