China Racks up $60 Billion Revenue in Five Months

China recorded a total of 501.293 billion yuan (about 60.6 billion US dollars) of fiscal revenue, excluding income from issuing bonds, in the first five months of this year, 20.6 percent up from last year, Finance Minister Xiang Huaicheng said in Beijing Thursday.

The state's income so far has amounted to 40 percent of the budgeted revenue for 2000, Xiang told an ongoing meeting of the National People's Congress Standing Committee, China's top legislature.

China's expenditure in the five months reached 448.593 billion yuan (about 54 billion US dollars), 27.1 percent up over the same period of last year and accounting for 30.6 percent of the budgeted expenditure for this year.

"The overall situation for the implementation of the 2000 budget ratified by the legislature is good," he said.

Of the revenue-generating industries and taxation items, value- added tax, import and export duties, stamp tax for stock trading were the pillars of the revenue increase in the five months, it was learned.

People's Daily Online --- http://www.peopledaily.com.cn/english/