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China under pressure to meet fiscal revenue budget target

From:China Daily Update Time:06-29-2015

BEIJING - The Chinese government is under high pressure to meet its budget target forcentral fiscal revenue this year, finance minister Lou Jiwei warned on Sunday, citing slowingfiscal revenue growth.

The central treasury received 2.95 trillion yuan (about $475 billion) from January to May, ayear-on-year growth of two percent, Lou 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 period, up 3.1 percentyear on year.

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

The government has resorted to reform and structural optimization for stronger growth, saidLou.

"With the new growth engines still in the making, external demand contracting and internalcontradictions aggregating, there has been considerable downward pressure on theeconomy," he said.

That, among other factors, has put the central government under "considerable pressure tomeet its fiscal revenue target ... for the rest of the year," Lou said.

The finance minister, meanwhile, said the government has undertaken a series of measuresto steady growth and restructure the economy. Some measures "have worked, or areworking," Lou said.

The government will stick to the strategic development blueprint of the "FourComprehensives" and 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 (NPC) at its ongoing bi-monthly session, presided over by Zhang Dejiang, chairmanof 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 yuan, the report read.

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