China under pressure to meet fiscal revenue budget target

From: China Daily
publisher: Andy
Time: 2015-06-29

BEIJING - The Chinese government is under high pressure to meet its budget target forcentral fiscal revenue this yearfinance minister Lou Jiwei warned on Sundayciting slowingfiscal revenue growth.

The central treasury received 2.95 trillion yuan (about $475 billionfrom January to Mayayear-on-year growth of two percentLou said when briefing lawmakers on a State Councilreport on the final accounts for 2014.

The increase is far below the previously budgeted growth rate of five percent.

Total national fiscal revenue reached 6.43 trillion yuan in the same periodup 3.1 percentyear on year.

Chinese economy grew 7.4 percent in 2014, the weakest annual expansion in 24 yearsThisyear's growth target is set at approximately 7 percent.

The government has resorted to reform and structural optimization for stronger growthsaidLou.

"With the new growth engines still in the makingexternal demand contracting and internalcontradictions aggregatingthere has been considerable downward pressure on theeconomy," he said.

Thatamong other factorshas put the central government under "considerable pressure tomeet its fiscal revenue target ... for the rest of the year," Lou said.

The finance ministermeanwhilesaid the government has undertaken a series of measuresto steady growth and restructure the economySome measures "have workedor areworking," Lou said.

The government will stick to the strategic development blueprint of the "FourComprehensivesand focus on achieving the dual objectives of "maintaining medium-highgrowth and moving toward medium-high development," he said.

The State Council report was submitted to the Standing Committee of the National People'sCongress (NPCat its ongoing bi-monthly sessionpresided over by Zhang Dejiangchairmanof the NPC Standing Committee.

In 2014, the general public budget revenue grew 7.1 percent year on year to 6.45 trillion yuan,while the expediture rose 8.3 percent to 7.42 trillion yuanthe report read.


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