| China
sees double digit growth in tax revenue (11/06/2002)
China's tax revenue for the first 10 months of this year totaled
1.4195 trillion yuan (US$173.1 billion), up 13.4 percent on a yearly
basis, tax authorities announced Wednesday.
A spokesperson for the State Administration of Taxation said the
growth rate translates into 168 billion yuan (US$20 billion) in
added revenues.
The overall revenue collected during the period accounts for 85.5
percent of the tax revenue target set earlier this year by the central
government.
The amount of tax revenue collected by the central government during
the 10 months reached 865.9 billion yuan (US$105.5 billion), an
increase of 13.5 percent, or 103 billion yuan (US$12.5 billion),
year-on-year.
Tax revenue collected by local authorities totaled 553.6 billion
yuan (US$67.5 billion), growing by 13.3 percent, or 65 billion yuan
(US$7.9 billion).
The State Administration of Taxation attributed the rapid growth
in taxation revenue to better-than-expected sustained and rapid
economic growth.
The Chinese economy grew at a rate of 7.9 percent during the first
three quarters of this year.
The increased industrial value grew by 12.2 percent year-on-year
while investment in fixed assets jumped by 24.3 percent.
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