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China January-February Fiscal Revenue Up 32.9% To CNY1.36 Tln (US$ 199.2 billon)

March 15 2010 at 4:22 AM
Anonymous  (Login oneman28)

BEIJING (Dow Jones)--China's fiscal revenue for the first two months of this year rose 32.9% from a year earlier to CNY1.360 trillion as the recovery in the domestic economy boosted tax revenue growth, the Ministry of Finance said Sunday.

A low base of comparison from the year-earlier period during the worst of the global financial crisis also was a factor in boosting revenue growth at the start of this year.

Analysts and policymakers tend to look at economic figures for the first two months of the year together to factor out the Lunar New Year holiday effect because this year the week long break fell in February, while it was in January in 2009.

The government's CNY4 trillion stimulus program, launched in November 2008, runs through the end of this year, so Beijing's fiscal intake is important to look at when considering its ability to carry out its spending program.

In its annual budget report, the ministry has projected fiscal revenue to grow around 8% this year to CNY7.393 trillion, after rising 11.7% in 2009.

In its Sunday statement posted on its Web site, the ministry said fiscal revenue in January rose 41.2% from a year earlier to CNY865.9 billion and was up 20.4% to CNY494.5 billion in February.

In the January-February period, tax revenue rose 35% to CNY1.247 trillion and non-tax revenue rose 12.7% to CNY113.02 billion, the ministry said.

The ministry said that it expects the growth in revenue will slow from May as the low-base effect disappears.

-Yajun Zhang contributed to this article; Dow Jones Newswires; (86 10) 8400-7712; yajun.zhang@dowjones.com

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