China's fiscal revenue hits US$144.24b
(Xinhua)
Updated: 2004-06-24 10:46

China's fiscal revenue exceeded 1.1972 trillion yuan (US$144.24 billion) during the first five months of this year, up 32.4 percent from the same period last year, according to Minister of Finance Jin Renqing.

In a report on revenue and expenditure accounting to an on-going meeting of the Standing Committee of the National People's Congress on Wednesday, Jin attributed the revenue increase to rapid economic growth, improved economic returns, excessively rapid growth in fixed assets investment and price hike of raw materials.

China's fiscal expenditures totaled 832.26 billion yuan during the first five months of this year, an increase of 13.8 percent from the same period last year. The revenue exceeded expenditures by 364.992 billion yuan during the first five months this year.