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Earnings better than expected

(Xinhua)
Updated: 2007-12-31 09:32

Fiscal revenue for 2007 will far exceed forecasts at the beginning of the year due to strong economic growth, according to a report by the State Council to the top legislature on Saturday.

The extra funds will be used to improve people's livelihood with education, healthcare and social security on top of the government work agenda, the report said.

The central government's fiscal revenue is expected to total 2.84 trillion yuan ($388.8 billion), or 401.1 billion yuan above the budget forecast.

In the first 11 months, the central government's fiscal revenue was 2.68 trillion yuan, up 37 percent over the same period last year, statistics from the Ministry of Finance showed.

Local governments will get a windfall too, with their extra fiscal revenue expected to reach 300 billion yuan.

"The huge extra fiscal revenue reflects China's stable, rapid economic growth," the report said.

The central government will use 40 billion yuan to subsidize farmers to raise breeds of livestock and plant improved variety of crops. It will also renovate agriculture infrastructure such as roads, bridges and reservoirs, the report said.

The central government will give 21 billion yuan to support compulsory education, 40 billion yuan to social security, 31.8 billion yuan to medical care, 29 billion yuan to scientific and technological development and 1.1 billion yuan for cultural causes, the report said.


(For more biz stories, please visit Industry Updates)



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