Thursday, March 06, 2008

China's 2007 fiscal revenue hits record high of RMB513 trln

China's 2007 fiscal revenue surged 32.4% over the previous year to reach RMB 5.13 trillion (US$733 billion), an increase of RMB 1.25 trillion, according to statistics released by the Ministry of Finance.

The significant increase was mainly contributed by the tax income, which accounted for 88.9% of the total fiscal revenue, with a growth of 33.7% to hit RMB 4.56 trillion, while the non-taxed revenue surged 105.67% to hit RMB 569.1 billion, accounting for 11.1% of the total revenue.

The sound revenue increase was driven by the large investment in the real estate, the speedy development of industry and commercial sectors, as well as the hefty economic returns of enterprises and active stock exchanges transactions, according to sources.

The income tax from the enterprises hit RMB 867.95 billion, up 37.9% year-on-year. It accounted for 19.2% of the total tax revenue, the second largest revenue source.

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