China's fiscal revenue grew 30.6 percent year-on-year to 2.6 trillion yuan (US$343.82 billion) in the first half of the year. This puts the world's fourth largest economy well on the track of breaking last year's record high of nearly four trillion yuan.

 

Statistics released on Monday by the Ministry of Finance revealed that the figure accounts for 59.3 percent of the year's revenue budget, with 1.45 trillion yuan belonging to the central government, up 32.6 percent year-on-year and 1.16 trillion yuan belonging to local governments, up 28.1 percent year-on-year.

 

The nation's fiscal expenditure stood at 1.8 trillion yuan in the first six months. This represents a 22.7 percent rise from the same period last year and consists of a 38.5 percent of the year's national budget.

 

The local governments spent the majority, or 1.37 trillion yuan, an increase of 27.5 percent, while the central government spent 422.9 billion Yuan, an increase of 9.5 percent year on year.

 

Finance Minister Jin Renqing attributed the rapid growth in fiscal revenue partly to rapid increases in income taxes and import duties on the back of the fast-growing national economy, which enjoyed an 11.5-percent escalation in the first half.

 

(Xinhua News Agency July 23, 2007)