Center

Beijing's fiscal income hits record high

(Xinhua)
Updated: 2006-11-19 10:46

The Beijing municipal government's fiscal income hit a record high of 101.5 billion yuan (12.6 billion US dollars) on November 10, up 22.6 percent on the same period of last year.

Wang Fuxuan, an official with the municipal bureau of finance, attributed the tax rake to the steady economic performance in the national capital this year, adding that sales tax from the tertiary sector constituted 40.6 percent of the government's total fiscal income during the period.

Wang said that the bureau allocated 87 percent of its fiscal income to the public sector last year, prioritizing the rural sector, education, environmental protection and the promotion of art, sciences and culture.

The bureau's report showed that it has allocated 11.2 billion yuan (1.4 billion US dollars) to boost economic development in the rural sector.

A total of 120 million yuan (15 million US dollars) was used to compensate grain growers, and 150 million yuan (18.7 million US dollars) to pay farmers who protect ecological forestry belts in the city's countryside.

According to the report, the city invested 400 million yuan (50million US dollars) in purchasing medical equipment for community hospitals and small clinics in the countryside. The grassroots medical network covers 81 percent of community areas in the city.

The bureau also spent 500 million yuan (62.5 million US dollars) to develop the cultural sector, which has been designated a new economic growth point. The money was provided in the form of deductible loans or subsidies to encourage investment from the private sector.

The bureau set up a special fund of 4.37 billion yuan (546 million US dollars) to help eliminate poor urban slums, which are seen as "city scars".

The city also spent 6 billion yuan (750 million US dollars) of fiscal income to build an urban rail system and on measures to alleviate traffic congestion.