Thursday June 25, 2009
BEIJING: China will try every possible means of increasing fiscal revenue this year, while working to ensure that government money is not wasted, Finance Minister Xie Xuren said on Wednesday, according to state media. Xie made the comments in a work report delivered to China's legislative body, the official Xinhua news agency said.
China has pledged to cut taxes and pump money into local projects to stimulate economic growth, which is adding strain to China's fiscal situation. China has targeted a 950 billion yuan ($139 billion) fiscal deficit for this year, a hefty increase from 2008's actual fiscal deficit of 180 billion yuan.
Xie reiterated that the government would spend less on cars, overseas travel and office buildings and spend more welfare, but he did not give detailed numbers. Nation-wide fiscal revenue was up 4.8 percent in May from a year earlier at 656.9 billion yuan, reversing a downward trend in recent months.
(Reuters)
BEIJING: China will try every possible means of increasing fiscal revenue this year, while working to ensure that government money is not wasted, Finance Minister Xie Xuren said on Wednesday, according to state media. Xie made the comments in a work report delivered to China's legislative body, the official Xinhua news agency said.China has pledged to cut taxes and pump money into local projects to stimulate economic growth, which is adding strain to China's fiscal situation. China has targeted a 950 billion yuan ($139 billion) fiscal deficit for this year, a hefty increase from 2008's actual fiscal deficit of 180 billion yuan.
Xie reiterated that the government would spend less on cars, overseas travel and office buildings and spend more welfare, but he did not give detailed numbers. Nation-wide fiscal revenue was up 4.8 percent in May from a year earlier at 656.9 billion yuan, reversing a downward trend in recent months.
(Reuters)
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