Beijing Reports Double-digit Growth in Fiscal Revenue

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Last updated at: (Beijing Time) Thursday, January 02, 2003

Beijing Reports Double-digit Growth in Fiscal Revenue

Beijing raked in 53.4 billion yuan (about 6.43 billion US dollars) in fiscal revenue last year, up 25.9 percent from 2001.

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Beijing raked in 53.4 billion yuan (about 6.43 billion US dollars) in fiscal revenue last year, up 25.9 percent from 2001.

Sources from the Beijing Municipal Bureau of Finance said the national capital has kept a growth rate of over 20 percent in fiscal revenue for eight consecutive years.

A number of factors contributed to the growth, including a careful implementation of economic development strategy, lopsided development of high-tech industries, spurring domestic demand while enlarging export, expansion of modern manufacturing businessand modern commerce and services, as well as intensified levy of taxes.

The capital city concentrated money on accomplishing a great number of tasks. In addition to exempting about 600,000 poor primary and junior middle school students of their tuition fees, the municipal government invested 13.5 billion yuan (about 1.63 billion US dollars) in financing infrastructure construction.

In the meantime, the city set aside 1.5 billion yuan (about 181million US dollars) for construction of the Zhongguancun high-techpark and earmarked another 6.12 billion yuan (about 737 million USdollars) for the completion of 60 programs that will affect broad numbers of people in Beijing.

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