Economy

China first-quarter fiscal revenue rises 33 pct

(Xinhua)
Updated: 2011-04-15 21:49

Its first-quarter imports soared 32.6 percent to 400.66 billion dollars from one year earlier, leading to a 48.8-percent rise in import-related taxes and a 47.5-percent increase in tariffs.

China's import-related taxes will continue to rise as the country further increases imports and pays more attention to the balance of its foreign trade, Bai added.

However, the ministry noted that the growth of fiscal revenue is likely to slow in coming months due to the government's strict tightening measures on the property market.

Measures taken by the government to curb inflation, such as the implementation of prudent monetary policy, would also hinder the growth of fiscal revenue, said Liu Shangxi, deputy director of the Research Institute for Fiscal Science of the MOF.

Meanwhile, the nation's fiscal expenditures grew 26 percent to 1.81 trillion yuan during the Jan-March period. The central government spent 313 billion yuan, an increase of 11.1 percent, while local governments' expenditures rose 29.6 percent to 1.49 trillion yuan, the statement said.

Fiscal revenues in China include taxes as well as administrative fees and other government income, such as fines and income from state-owned assets.