Economy

China's customs revenue tops 1 trillion yuan

(Xinhua)
Updated: 2010-10-22 09:25

BEIJING - China's customs revenue for 2010 hit 1 trillion yuan ($150.4 billion) as of Oct 14, a surge of 46.1 percent from one year earlier, the General Administration of Customs (GAC) announced late Thursday.

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Since the beginning of the year, the country's customs authorities have collected tariffs worth 163 billion yuan, and import taxes of 837.6 billion yuan, up 48.9 percent and 45.5 percent respectively, the GAC said in a statement.

The administration attributed the growth mainly to strong import expansion as the nation's economic stimulus measures significantly boosted domestic demand.

The total value of China's imports in the first nine months stood at $1 trillion, up 42.4 percent year-on-year, according to customs data released on Oct 13.

Severe crackdowns on smuggling and stricter supervision on tax compliance also contributed to the revenue increase, according to the statement.