China's tax revenue hit an all-time record high of 1,031.1 billion yuan (124.7 billion U.S. dollars) in 1999, the State Administration of Taxation announced in Beijing December 31.

Statistics from the country's tax bureaus showed that the tax revenue increased 121.9 billion yuan, or 13.4 percent, over that of last year, well exceeding the 100 billion yuan target set by

the State Council for the year.

This is the seventh year that China's tax revenue has witnessed rapid growth, with an average yearly increase of 100 billion yuan.

Of the year's revenue, the domestic consumption tax and value added tax reached 484.6 billion yuan, up 29 billion yuan or 6.4 percent over that of last year, according to the statistics.

Meanwhile, the tax rebates for exports of enterprises increased 42.4 percent to 62.2 billion yuan this year, which played a big role in the pick-up of the country's exports.

Officials from the administration attributed the increase of the tax revenue to the leadership of the central government, the support of governments at all levels and the healthy development

of the national economy.

Tax bureaus across the country also contributed to the achievement, the officials noted.