China's Tax Revenue Expected to Hit US$205bn in 2002

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Last updated at: (Beijing Time) Thursday, December 26, 2002

China's Tax Revenue Expected to Hit US$205bn in 2002

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China's tax revenue is expected to reach 1.7 trillion yuan (205 billion US dollars) this year, an increase of 200 billion yuan (24 billion US dollars) from last year, said Director of the State Administration of Taxation Jin Renqing Wednesday.

Jin said at a national conference on taxation that China's tax revenue totaled 6.4 trillion yuan (771 billion US dollars) from 1997 to 2002, more than double that of the previous five years. This year's tax revenue would account for nearly 17 percent of the gross domestic product, 6 percentage points higher than five years ago.

China would establish a mechanism for sustained steady growth of tax revenue in a couple of years to come. Work would be done toensure tax revenue grows at the same speed as or slightly faster than the national economy as a whole, Jin said.

The projected 7-percent economic growth rate next year would lay a solid foundation for an increase in tax revenue, Jin said.

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