Nation's fiscal revenue saw more rapid rise amid stable growth in 2017: MOF

Updated 2018-01-26 09:23:03

China's fiscal revenue grew rapidly in 2017 amid stable economic growth.

The country's national general public budget revenue reached 17.26 trillion yuan (.73 trillion) last year, up 7.4 percent year-on-year, 2.9 percentage points faster than the year before, data from the Ministry of Finance (MOF) showed on Thursday.

Stable economic growth, together with higher industrial product prices, growth of import prices and volumes of bulk commodities as well as market vitality, have contributed to the fast growth, Lou Hong, head of the MOF's Treasury Department, at the said at a press briefing on Thursday.

Thanks to the boost from public entrepreneurship and innovation and reforms to delegate power, streamline administration and optimize government services, the country's entrepreneurial activities were obviously strengthened, Lou said.

The number of newly registered companies in China totaled 6.07 million in 2017, up 9.9 percent year-on-year. Meanwhile, the revenue of the strategic emerging services, producer services and technology services sectors rose 18 percent, 15 percent and 15.1 percent, respectively.

China's general public budget expenditure increased 7.7 percent to 20.33 trillion yuan, of which interest expenditure rose 21.9 percent year-on-year to 618.5 billion yuan.

Looking into 2018, unstable and uncertain factors in the international environment and economy persist and the contribution of product prices and foreign trade may weaken, Lou noted, adding that the cumulative effect of cuts in taxes and administrative fees will also challenge the country's fiscal revenue growth.

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