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| China's Fiscal Revenue Expected to Set New High |
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In the year to November On Tuesday at a national fiscal work conference in The fiscal revenue broke the two-trillion-yuan (US$256 billion) mark for the first time in 2003, exceeded 2.5 trillion yuan (US$320 billion) in 2004 and hit 3.2 trillion yuan (US$409 billion) last year. The continuous rapid growth has reflected the country's momentum in economic development, Jin said. " Jin didn't reveal the current fiscal expenditure by central government but the year's central budget deficit was projected at 295 billion yuan (US$37.7 billion). This is down five billion yuan (US$639 million) from the budget figure of last year. He said government spending at both central and local levels on farming, forestry, water and gas supplies surged 17.9 percent from a year earlier while that on education, science and sanitation climbed 15.5 percent. The outlay on pensions for the disabled and welfare benefits for the needy grew by 18.7 percent while that on public securities, procuratorial and judicial work was up 15.5 percent. Jin said next year He said the cooperative medicare system would cover 80 percent of counties next year in comparison to the present 50 percent. This accounted for 406 million rural residents. Under the system the central government provides a yearly medical allowance of 20 yuan (US$2.6) for each farmer while local governments have been required to raise the annual per-capita stipend from 10 yuan (US$1.3) to 20 yuan. Jin said medical insurance for employees in cities and townships, especially retired workers of bankrupt and loss-making companies, were also among the priorities of next year's fiscal outlay. Central government spending on the less developed central Previous reports said the government planned to target its long-term treasury bonds and spending on western Jin also disclosed that the country's 148 million rural students at primary and junior high schools would be exempt from tuition fees and extras. "All of their expenditure will be covered by the fiscal budget to full amount," he said. Some 4.88 million students in western rural areas have benefited from this policy. At present the per-person outlay for pupils is 140 yuan (US$17.9) while that for junior-highs is 180 yuan (US$23). Taxation, central government investment and land management would continue to be the ministry's major macro-economic controls next year. To encourage energy conservation and environmental protection the ministry launched the largest-ever revision of consumption taxes in April. Export tax rebates for energy-consumption, polluting and resource-intensive products were reduced or cancelled while those for products with proprietary intellectual property rights were raised. Jin said to rein in fixed asset investment the ministry had restricted government investment in this sector by providing more funds to rural areas. Approximately 48 percent of central government investment went to rural development this year which is up three percent from 2005, he said. The ministry also attempted to curb the overheating real estate sector by raising land use costs and tightening the management of land use revenues. These measures had helped to ensure the economy grew in the projected direction, Jin said. After The State Development and Reform Commission, (Xinhua News Agency December 20, 2006) |
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