Sep. 20, 2011 (China Knowledge) - China's fiscal revenue reached RMB 7.4 trillion in the first eight months of this year, representing a 30.9% increase year-on-year, accounted for 83% of annual target, according to State's Ministry of Finance.
This year's fiscal revenue is estimated to be RMB 8.97 trillion, representing a 8% increase year-on-year, according to a budget report released early this year. Currently, the fiscal revenue growth rate has already exceeded 8%. The fiscal revenue in 2010 stood at RMB 8.3 trillion, the number from January to August is RMB 1.75 trillion more than the same period last year. Thus, the estimated fiscal revenue for this year will exceed RMB 10 trillion.
A 30% growth rate and more than RMB 10 trillion in fiscal revenue raise concerns that fast growth rate might suppress the enthusiastic of citizens and enterprises. Experts said tax reduction might be the solution to those concerns, including value added tax and business tax. Attention should be paid to financial expenditure, too.
Meanwhile, financial expenditure should be efficient and transparent, and money is spent in improving people livelihood should be monitored closely by the public.