Chinese Finance Minister Jin Renqing announced that the state revenue results for 2005.
The state revenue is expected to increase 15 percent this year to more than 3 trillion yuan (US$375 billion), Minister of Finance Jin Renqing told a national finance conference yesterday in Beijing, as he also sketched new policies to help the country's farmers.
For the first 11 months, fiscal revenue gained 18.5 percent from a year ago to 2.89 trillion yuan.
Budgeted spending at central and local levels rose 17.3 percent to 2.5 trillion yuan, leaving the country a 400 billion yuan surplus.
In its fiscal policy for next year, China said it will give more support to agricultural development.
All agricultural taxes will be scrapped in 2006 to further lift the financial burdens facing the country's more than 800 million farmers, Jin said.
For decades, farmers in China paid taxes based on the size of their families and crop areas.
Last year, 28 provinces abolished the practice to help farmers improve their production and living standards.
Jin said 1 billion yuan in additional subsidies will be provided by the central government next year to the country's 13 major grain-growing areas.
Ministry of Commerce of the People's Republic of China
marketing@alchempro.com
