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China's fiscal revenue grew a year-on-year 12.4 percent during the first 11 months of this year, Finance Minister Xiang Huaicheng said in Beijing yesterday.
The country's fiscal revenue, excluding debt income, stood at 1,648.8 billion yuan (US$198.7 billion) during the January-November period - an increase of 182 billion yuan (US$21.9 billion) or 12.4 percent on the same period of last year.
Fiscal expenditure excluding debt repayment reached 1,691.1 billion yuan (US$203.7 billion) during the period - an increase of 240.7 billion yuan (US$29 billion) or 16.6 per cent compared with a year ago.
"Next year, China will continue to carry out a pro-active fiscal policy," Xiang said.
"Expanding domestic demand is a long-term and basic foothold for China's economic development, while the implementation of pro-active fiscal policy is an important measure," he said.
China will continue to issue a certain amount of long-term treasury bonds to fund the construction of projects already underway and major State projects.
Xiang did not say how many construction treasury bonds would be issued next year. But insiders said they would be worth 140 billion yuan (US$16.9 billion).
According to Xiang, China will continue to adjust the expenditure structure next year.
"The State will increase its input to social security, raise employee salaries and increase income for the lowly paid," he said.
It will also further increase expenditure on agriculture.
With an aim of ensuring a stable increase of fiscal revenue, China will beef up tax collection next year, Xiang said.
The government will continue to clear the present tax preferential policies, he said. Local governments will not be allowed to offer preferential tax policies without authorization from the central government.
The present tax system should also be improved so loopholes can be blocked up.
Xiang said China will severely punish those who try to obtain tax rebates by cheating the government.
In another development, Premier Zhu Rongji yesterday called on employees in the country's financial sector to continue to carry out pro-active fiscal policies and push forward reform of the fiscal system.
In his meeting with representatives attending the national conference on fiscal work, Zhu said such work in recent years has contributed a lot to ensuring sustainable, rapid and healthy economic development in the country.
Zhu said efforts to expand fiscal income while reducing expenses should be continued.
The structure of fiscal expenses should be improved, he added.
(China Daily December 26, 2002)
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