China's Fiscal Budgets Well ImplementedBoth the central and local fiscal budgets are well implemented this year, with the deficit at the central coffer considerably reduced, China's finance minister Xiang Huaicheng told a national conference on financial work Wednesday, December 13.The fiscal revenue reached 1191.2 billion yuan during the January-November period, 208.5 billion yuan more or 21.2 percent higher than the same period last year. Revenues at the central level rose 32.6 percent to 632.5 billion yuan, while that at the local level increased 15.6 percent to 558.8 billion yuan. Fiscal expenditure totaled 1190.9 billion yuan, including 390.6 billion yuan at the central level and 800 billion yuan at the local level, up 20.6 percent, 32.6 percent and 15.5 percent, respectively. The annual increase of revenue averaged 16.4 percent or 142 billion yuan during the Ninth Five-Year-Plan period (1996-2000), contributing one percent on average annually to gross domestic product (GDP). As a result, the central government has gradually improved its macro-economic control in the process. During the period, the structure of fiscal expenditure has been optimized. Total expenditure is predicted to reach 5709.9 billion yuan, 2.3 times that of the previous five years. This year the central government has issued 150 billion yuan long-term treasury bonds to further support the infrastructure investment. Meanwhile, the government has earmarked more money to shore up salary and social welfare systems. The growth rate of expenditure on education and science both surpassed that of the fiscal expenditure itself. The minister called for more effort to promote budget reform, and establish systems that will meet both international and Chinese standards. Next year China will continue the active fiscal policy, improve the taxation system, adjust the structure of fiscal revenue, and promote fiscal management reform. |
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