China's fiscal revenue grew by 14.6 percent year-on-year during
the first half of 2005, to 1.64 trillion yuan (US$202 billion), the
Ministry of Finance said on Sunday.
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Budget spending at central and local levels totaled 1.24
trillion yuan (US$153 billion) during the period, up 15 percent,
the ministry said.
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Central fiscal spending was up 1.5 percent, but central fiscal
revenue rose 10.1 percent, while fiscal spending by local
governments jumped by 20.9 percent and local fiscal revenue grew by
21 percent.
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A ministry official blamed low central fiscal revenue to
increased spending by central government on export tax rebates.
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Central government paid 150.3 billion yuan (US$18.5 billion) in
export tax rebates during the first six months of this year, 104.4
billion yuan (US$12.7 billion) more than the same period last
year.
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National fiscal revenue would have jumped 21.9 percent if central
government had not paid the increased export tax rebates, and
central fiscal revenue would have been increased 19.4 percent, the
official said.
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The official said key budget spending policies have been
implemented at planned paces, including allocation of budget
subsidies for grain production.
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Central government, through provincial governments, delivered
9.53 billion yuan (US$1.17 billion) in direct grain production
subsidies to farmers across the country during the first half of
the year, 77 percent of the 13.2 billion yuan (US$1.62 billion)
planned for the whole year.
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China began to offer subsidies directly to grain growers since
last year in a bid to encourage farmers to grow more grain for
domestic consumption.
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(Xinhua News Agency July 25, 2005)