China's 2009 fiscal revenue to surpass US$1 trillion
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China's 2009 fiscal revenue was estimated at 6.85 trillion yuan (just over 1 trillion U.S. dollars), an increase of 11.7 percent over a year earlier, 3.7 percentage points higher than projected, Finance Minister Xie Xuren said Sunday.
Xie said the budget of public investment in 2010 from the central government was likely to stand at 992.7 billion yuan, up 572.2 billion yuan from the 2008 budget.
With it, the Chinese central government would fulfill the target of adding 1.18 trillion yuan for public investment in the time period between the fourth quarter of 2008 and 2010 as part of its stimulus package, Xie said.
It is estimated that in 2009, the central government allocated about 924.3 billion yuan for public spending, 503.8 billion yuan more than the 2008 budget, according to the minister.
The central government has made it clear that it will continue with the positive fiscal policies in 2010 as they have been playing a vital role in macro-control.
In implementing the positive fiscal policies, China would focus on expansion of domestic demand, industrial restructuring and growth mode transformation, Xie said.
China rolled out a massive investment plan worth 4 trillion yuan in November 2008 to cope with the international financial crisis, which broke down to 1.18 trillion from the central government and 2.82 trillion from local governments.
According to the original plan, the 1.18 trillion yuan from the central government included 104 billion yuan in the fourth quarter of 2008, 487.5 billion yuan in 2009 and 588.5 billion yuan in 2010.
It is believed that as new investment on public projects in 2009 surpassed the original budget of 487.5 billion yuan, the budget for 2010 would be reduced from the original 588.5 billion yuan to 572.2 billion.
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