China's Fiscal Revenue Up 33%

The pace of national fiscal revenue growth for the central government in Jan. and Feb. was six times the annual target

China collected 1.36 trillion yuan in the first two months of this year, 32.9 percent up from a year ago, due to the economic recovery and a low comparison base.

Revenue growth for the central government in January and February increased 36 percent while local government collected 29.7 percent more in revenues, according to statistics released on March 15 by the Ministry of Finance.

China aims to collect 7.4 trillion yuan in revenue for 2010, according to a budget approved during the annual session of the legislature in early March. Within the total, the central government plans to gather 3.8 trillion yuan, an increase of 6 percent over last year and local governments are expected to collect 3.6 trillion yuan, an increase of 10.1 percent.

In 2009, China's annual revenue growth was 11.7 percent year-on-year, higher than the target of 8 percent set at the end of last year. In 2009, gross domestic product grew at 8.7 percent.

(Translated by SHX)