China Vows to Up Fiscal Revenue, Cut Expenditure

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Last updated at: (Beijing Time) Friday, May 17, 2002

China Vows to Up Fiscal Revenue, Cut Expenditure

Chinese Vice-Premier Li Lanqing on Thursday called on governments at all levels to increase fiscal revenue and rein in excessive growth of expenditure.

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Chinese Vice-Premier Li Lanqing on Thursday called on governments at all levels to increase fiscal revenue and rein in excessive growth of expenditure.

Addressing a national video teleconference on fiscal revenue and expenditure, the vice-premier said China's economy had been maintaining a stable growth so far this year.

The country's fiscal revenue, however, had been increasing at a rate slower than expected while the fiscal expenditure growth had been excessively high, he added.

There were numerous reasons for the situation, including readjustment of its taxation policy and an unexpected decrease in corporate profit, he said.

A stable increase in fiscal revenue was vital for the country's economic growth, enabling the central government to have adequate financial resources for its pro-active fiscal policy, the vice- premier noted.

To improve tax collection is an urgent task

The Chinese government has been spending heavily during recent years after the 1997 Asian Economic Crisis in order to maintain economic growth.

He described improving tax collection as an urgent task to ensure that the fiscal revenue target set earlier this year by the central government would be met.

Li urged government departments at all levels to protect the integrity of the country's taxation laws.

No local governments are permitted to exceed their authority to formulate taxation policies and reduce or exempt tax, he warned.

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