China's Fiscal Revenue Up, Deficit in 2001 Lower Than Budgeted

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Last updated at: (Beijing Time) Thursday, June 27, 2002

China's Fiscal Revenue Up, Deficit in 2001 Lower Than Budgeted

China registered a three-percent growth in the first five months of the year, reversing the downward trend of fiscal revenue. Experts attributed the slower growth of fiscal revenue to such factors as the slump in corporate profits, as well as such one-off factors as increasing tax rebates to export-oriented enterprises, and tariff cuts.

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China registered a three-percent growth in the first five months of the year, reversing the downward trend of fiscal revenue.

Minister of Finance Xiang Huaicheng said Wednesday that central government revenue totaled 376.711 billion yuan from January to May.

In the first quarter, central revenue fell by 7.8 percent over the same period last year.

In his report to the Standing Committee of the National People' s Congress (NPC), Xiang said the growth was still a far cry from the budgetary target of 8.1 percent for this year.

He attributed the slower growth of fiscal revenue to such factors as the slump in corporate profits, as well as such one-off factors as increasing tax rebates to export-oriented enterprises, and tariff cuts.

From January to May, the cental government's expenditure totaled 201.523 billion yuan, up 31.4 percent over the same period last year.

Latest official figures showed that central fiscal revenue surged 20.9 percent over the previous year to 917.37 billion yuan in 2001, exceeding the budgetary target by 8.9 percent.

Fiscal deficit in 2001 lower than budgeted

China's fiscal deficit in 2001 was 259.6 billion yuan (31.4 billion U.S dollars), 183 million yuan (22.1 million dollars) less than the budget deficit approved by the Chinese National People's Congress (NPC) last year, Xiang said.

The actual deficit in Xiang's report is also 174 million yuan (21 million dollars) less than the figure reported at the annual session of the NPC in March this year.

Xiang said that the total revenue of the central government last year reached 917.4 billion yuan (111 billion dollars), 20.9 percent higher than the previous year, and the total expenditure hit 1.18 trillion yuan (142.3 billion dollars), up 15.6 percent.

National revenue, consisting of the revenue of central and local governments, reached 1.64 trillion yuan (198.1 billion dollars), 11 percent over the budget, and the national expenditure hit 1.89 trillion yuan (228.6 billion dollars), 8.9 percent over the budget. The balance of the total revenue and expenditure left 251.7 billion yuan (30.4 billion U.S. dollars) in the deficit.

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