China's fiscal revenue expected to set new high
(Xinhua)Updated: 2006-12-19 19:50
BEIJING -- China's fiscal revenue surged to 3.61 trillion yuan in the year to November, 24.7 percent more than the same period last year and 70 billion yuan more than the budgeted figure for the whole of this year.
The fiscal revenue broke the two-trillion-yuan mark for the first time in 2003, exceeding 2.5 trillion yuan in 2004 and hitting 3.2 trillion yuan last year.
The continuous rapid growth has reflected the country's momentum in economic development, Jin said. "China's fiscal revenue expansion is quite stable."
Jin didn't reveal the current fiscal expenditure by central government, but the year's central budget deficit was projected at 295 billion yuan, down five billion yuan from the budget figure of last year.
He said government spending at both central and local levels on farming, forestry, water and gas supply surged 17.9 percent from a year earlier while that on education, science and sanitation climbed 15.5 percent.
The outlay on pensions for the disabled and welfare benefits for the needy grew by 18.7 percent while that on public securities, procuratorial and judicial work was up 15.5 percent.
Jin said next year China would continue to adopt a prudent fiscal policy to "moderately" reduce the budget deficit and channel money where it was most needed, especially rural public facilities and services.
He said the cooperative medicare system would cover 80 percent of counties next year in comparison with the present 50 percent, accounting for 406 million rural residents.
Under the system, the central government provides a yearly medical allowance of 20 yuan for each farmer while local governments have been required to raise the annual per-capita stipend from 10 yuan to 20 yuan.
Jin said medical insurance for workers in cities and townships, especially retired workers of bankrupt and loss-making companies, was also among the priorities of next year's fiscal outlay.
Central government spending on the less developed central China would continue to grow next year in an effort to narrow their disparity with the richer east, he said, without revealing details.
Previous reports said the government planned to target its long-term treasury bonds and spending on western China and poverty-stricken regions.
Taxation, central government investment and land management would continue to be the ministry's major macro-economic controls next year.
To encourage energy conservation and environmental protection, the ministry launched the largest-ever revision of consumption taxes in April.
Export tax rebates for energy-consuming, polluting and resources-intensive products were reduced or cancelled while those for products with proprietary intellectual property rights were raised.
To rein in fixed assets investment, Jin said the ministry had restricted government investment on this sector by shifting more money to rural areas.
About 48 percent of the central government investment went to rural development this year, up three percentage points from 2005, he said.
The ministry also tried to curb the overheating real estate sector by raising land use costs and tightening the management of land use revenues.
These measures had helped to ensure the economy grew in the projected direction, Jin said.
After China tightened controls on money supply and adopted a battery of industrial and taxation policies to take the heat out of the economy, growth dropped from 11.3 percent in the second quarter to 10.7 percent for the first nine months.
The National Development and Reform Commission, China's top planning body, has projected a growth of 10.5 percent for the year, estimating that the country's gross domestic product may exceed 20 trillion yuan (2.56 trillion U.S. dollars).
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