China's tax revenue soars to US$670 billion in 2007

China's tax revenue rose 31.4 percent in 2007 to hit 4.9 trillion yuan (US$670 billion), state media said Wednesday, amid government efforts to reduce its budget deficit.

The State Administration of Taxation did not explain why revenue was up sharply as it released the figure, according to the China Securities Journal. But China has stated repeatedly that it wants to improve tax collection in a id to rein in its budget deficit.