China Sees Double Digit Growth in Tax Revenue

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Last updated at: (Beijing Time) Thursday, November 07, 2002

China Sees Double Digit Growth in Tax Revenue

China's tax revenue for the first 10 months of this year totaled 1.4195 trillion yuan (173.1 billionUS dollars), up 13.4 percent on a yearly basis, tax authorities announced Wednesday.

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China's tax revenue for the first 10 months of this year totaled 1.4195 trillion yuan (173.1 billionUS dollars), up 13.4 percent on a yearly basis, tax authorities announced Wednesday.

A spokesperson for the State Administration of Taxation said the growth rate translates into 168 billion yuan (20 billion US dollars) in added revenues.

The overall revenue collected during the period accounts for 85.5 percent of the tax revenue target set earlier this year by the central government.

The amount of tax revenue collected by the central government during the 10 months reached 865.9 billion yuan (105.5 billion US dollars), an increase of 13.5 percent, or 103 billion yuan (12.5 billion US dollars), year-on-year.

Tax revenue collected by local authorities totaled 553.6 billion yuan (67.5 billion US dollars), growing by 13.3 percent, or 65 billion yuan (7.9 billion).

The State Administration of Taxation attributed the rapid growth in taxation revenue to better-than-expected sustained and rapid economic growth.

The Chinese economy grew at a rate of 7.9 percent during the first three quarters of this year.

The increased industrial value grew by 12.2 percent year-on-year while investment in fixed assets jumped by 24.3 percent.

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