China's tax revenue for the first 10 months of this year totaled 1.4195 trillion yuan (US$173.1 billion), up 13.4 percent on a yearly basis, tax authorities announced Wednesday.
A spokesperson for the State Administration of Taxation said the growth rate translates into 168 billion yuan (US$20 billion) in added revenues.
The overall revenue collected during the period accounts for 85. 5 percent of the tax revenue target set earlier this year by the central government.
The amount of tax revenue collected by the central government during the 10 months reached 865.9 billion yuan (US$105.5 billion), an increase of 13.5 percent, or 103 billion yuan (US$12.5 billion), year-on-year.
Tax revenue collected by local authorities totaled 553.6 billion yuan (US$67.5 billion), growing by 13.3 percent, or 65 billion yuan (US$7.9 billion).
The State Administration of Taxation attributed the rapid growth in taxation revenue to better-than-expected sustained and rapid economic growth.
The Chinese economy grew at a rate of 7.9 percent during the first three quarters of this year.
The increased industrial value grew by 12.2 percent year-on- year while investment in fixed assets jumped by 24.3 percent.
(China Daily November 8, 2002)
