China govt struggling to meet fiscal target

The revenue from several major taxes, including VAT and consumer tax on domestic and imported products as well as the customs, were all lower than budgeted figures. But the revenue from corporate and individual income taxes exceeded the set targets, thanks to corporations' unexpected profit growth.

Meanwhile, the central government's spending continued to rise. In 2013, the figure stood at 6.85 trillion yuan, 6.8 percent higher than in 2012.

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The deficit of central government was about 850 billion yuan as the budgeted goal and deficit of the whole country stood at 1.2 trillion yuan, accounting for 2.1 percent of gross domestic product, according to the report.

Although central fiscal revenue saw slower growth, the central government continued to expand spending on sectors directly linked to people's livelihoods, such as health services and social insurance.

Expenses on health services, social insurance and cultural services increased by 26.4 percent, 14.2 percent and 4.3 percent respectively.

In an audit report on the central government's final accounts for 2013 also tabled for review, the National Audit Office (NAO) acknowledged the effective implementation of the central budget.

In addition, the central government smoothly pushed forward the fiscal and taxation reform, canceling or decentralizing 416 items of administrative approvals, removing 348 administrative fees and expanding the tax reform, said Liu Jiayi, auditor-general of the NAO, when elaborating on the report to lawmakers.

The central government also adopted effective measures to control and prevent financial risks, manage liquidity and supervise credit growth, Liu said.

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