China's tax revenue hits US$2.34 trln in past 5 years

China's tax revenue expanded by 23.8% annually from the year of 2003 to 2007, posting total tax revenue of RMB 16.41 trillion (US$2.34 trillion), according to Qian Guanlin, deputy head of the State Administration for Taxation (SAT) on Tuesday.

The tax revenue in 2007 alone hit RMB 4.94 trillion, jumping 31.4% from the previous year, according to figures provided by SAT.

The fast expanding pace of the tax revenue was driven by a variety of factors, including booming real estate investment, sound company profits, high levels of stock market transactions, according to analysts.

The added revenue will enable the government to invest more in public goods and infrastructure, according to Qian. From 2003 to 2007, the central government has totally earmarked RMB 1.6 trillion for farm and rural sectors.