Nation set to meet fiscal budget target

Updated 2017-10-17 10:31:54 China Daily

China will achieve annual goals in its fiscal budget this year despite a possible slowdown in the government's revenue growth in the next three months, an official from the Ministry of Finance said on Monday.

In September, fiscal revenue was 1.27 trillion yuan (2 billion), up by 9.2 percent year-on-year, compared with the 7.2 percent growth in August.

The fiscal expenditure rose to 2.02 trillion yuan last month, a year-on-year increase of 1.7 percent, slowing from 2.9 percent in August, according to the ministry.

By the end of last month, 80.6 percent of the fiscal budget's revenue target and 71.3 percent of expenditure have been achieved, supported by a stabilized economic growth momentum, said Lou Hong, director-general of the ministry's Treasury Department.

As a result of the price hike in manufactured products and an improvement in industrial enterprises' profitability, fiscal revenue growth has accelerated in the third quarter, said the official.

"Since policies to cut taxes and reduce fees will continue to be implemented in the coming months, fiscal revenue may increase at a slower rate in the fourth quarter, but the whole year's budget will be achieved," said Lou.

Tax income, which accounted for 84.32 percent of the total fiscal revenue of 13.41 trillion yuan in the first three quarters, rose by 12.1 percent year-on-year, 1.2 percentage points higher than in the first half, according to the official data.

Due to the fast growth of house sales in the first half, tax income from the real estate sector surged 15.1 percent from January to September, the ministry showed.

Zhang Xiaolei, a professor at the Chinese Academy of Social Sciences, said that the slower growth of fiscal revenue in the coming months may extend the fiscal deficit and it will push the government to increase borrowing by issuing more treasury bonds.

Total fiscal expenditure in the first three quarters reached 15.19 trillion yuan, or at a year-on-year growth rate of 11.4 percent, driving up the total fiscal deficit to 1.78 trillion yuan from 920 billion yuan in the first half.

Expenditure on technology research and development rose by 31.5 percent from January to September, while that for controlling pollution surged 51.7 percent during this period, the ministry showed.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 23 2018 03:09:48

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 23 2018 03:09:48

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 23 2018 03:09:48

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords