Fiscal revenues in 2005 to top US$375 billion
(Xinhua)
Updated: 2005-12-20 10:27

Chinese Finance Minister Jin Renqing said Monday government revenues are expected to exceed 3 trillion yuan (about US$375 billion) this fiscal year up more than 15 percent over last year's 2.6 trillion yuan (US$325 billion).

Addressing a national work conference on public finance, the minister said government revenues for the first 11 months totaled 2.89419 trillion yuan (US$362 billion), up 18.5 percent year-on-year.

That figure includes 1.5560 trillion yuan (US$195 billion) collected by the central government which is up 17.5 percent, and 1.338 trillion yuan (US$167 billion) collected by local government an increase of 19.8 percent, he said.

Total government expenditures for the country during the 11 month period stood at 2.5326 trillion yuan (US$316.8 billon), up 17.3 percent, including 665.99 billion yuan in central government expenditure which is up 6.2 percent.

Local governments registered a growth rate of 21.8 percent in their expenditures during the period, totaling 1.8666 trillion yuan, said the minister.

Jin said that China's government revenues reached 2.1715 trillion yuan in 2003, the first time it exceeded 2 trillion yuan.

It took China's governments five years to increase their annual revenues from about 1 trillion yuan (about US$125 billion) to the 2 trillion yuan (US$250) and two years to grow from 2 trillion yuan to 3 trillion yuan (US$375 billion), Jin said.