01-06-2009 10:07

Special Report:   Global Financial Crisis

China's Finance Minister says the country's whole-year fiscal revenue in 2008 was above 6 trillion yuan. This implies an increase of at least 19 percent over 2007.

China's Finance Minister says the country's whole-year fiscal revenue in 2008 was above 6 trillion yuan.
China's Finance Minister says the country's whole-year fiscal
revenue in 2008 was above 6 trillion yuan.

According to Minister Xie Xuren, China's fiscal revenue was more than 5.8 trillion yuan in the first eleven months of 2008. This is an increase of 20 percent year on year. The growth rate during the first half of the year was up by 33 percent over 2007. However, this far exceeded the latter half.

But the Minister says 2009 will be tough for the country's fiscal revenue, revenues falls and spending surges.

Xie Xuren, China's Minister of Finance said "The global financial crisis has slowed the country's economic growth. Many enterprises have lost profits in recent months. The government has implemented a series of tax rebate policies to stimulate the economy in the latter half of 2008. These policies included moves like lowering corporate taxes. But the country's fiscal revenue has declined over the last several months."

The minister stressed that the country would continue to cut corporate and personal taxes in 2009. And that it would increase tax rebates for exporters, especially those in labor-intensive sectors. He added that China would not levy taxes on bank deposit interest earnings and would not increase taxes on stock trading in 2009. China will continue to lower the stamp duty for stock trades in 2009. And maintain a freeze on taxes on interest income from savings and stock accounts.

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Editor:Xiong Qu