Chinese Government Strives to Ensure 2002 Financial Target

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Last updated at: (Beijing Time) Wednesday, August 28, 2002

Chinese Government Strives to Ensure 2002 Financial Target

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The Chinese government will find ways to regulate the national tax market, and strengthen the tax management of individuals, companies and some commercial products, so as to ensure its 2002 national financial target.

Wang Chunzheng, vice-minister of the State Development Planning Commission said this Tuesday at the 29th meeting of the Standing Committee of the Ninth National People's Congress (NPC).

Wang said the central government's income increased by 5 percent in the first seven months this year, while the targeted growth rate was 7.7 percent.

Official statistics show that China's national income grew 10.6percent during the first seven months this year, a slower rate than last year. While the targeted growth rate of the national financial income was 10 percent.

According to Wang, national expenditure increased 18.7 percent year-on-year, which is higher than the growth rate of its earnings.

The slowing income increase was a new phenomenon in China's economic situation, said Wang, contributing the reasons to the lowered tariff of China after the entry of the World Trade Organization, as well as to the adjusted tax rates in the securities exchanges and financial insurance business.

Wang said during the second half of the year, the government will strengthen the taxation management in all aspects, especially the management of income taxes, so as to increase its income.

At the beginning of this year, the Chinese government planned to keep the central target deficit within 309.8 billion yuan (about 37.43 billion US dollars).

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