China's fiscal revenue exceeds 2,000 bln yuan in 2003

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Last updated at: (Beijing Time) Thursday, December 25, 2003

China's fiscal revenue exceeds 2,000 bln yuan in 2003

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China's fiscal revenue has maintained high growth, and is expected for the first time to exceed 2,000 billion yuan (241.8 billion US dollars) in 2003, said Chinese Minister of Finance Jin Renqing Wednesday.

Jin said at a national financial meeting that from January to early December, China's fiscal revenue totaled 2,025.3 billion yuan, an increase of 20 percent over the same period last year.

He said this year, China's fiscal and economic policies had encountered many difficulties and challenges due to the outbreak of SARS and other natural disasters, including floods and earthquakes. Thanks to the quick recovery and good development of the national economy, fiscal revenue had maintained good momentum,said Jin.

Statistics showed that from January to early December, central fiscal revenue increased 19.1 percent, while local fiscal income increased 21.5 percent. The country's fiscal expenditure amounted to 1,968.39 billion yuan over the period, an increase of 13 percent over the same period last year. Expenditure of the centralgovernment was 588.5 billion yuan and that of local governments was 1379,89 billion yuan, Jin said.

Jin said increasing fiscal revenue would be more difficult nextyear, adding that the government would spend more money on agriculture development, social security and other social welfare projects.

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