Economy

Jan-July govt funds expenditure up 134%

(Xinhua)
Updated: 2010-08-27 09:53

BEIJING - China's government funds expenditure surged 134.3 percent year-on-year in the first seven months of 2010 as compensation for land purchases grew rapidly, a senior official said Thursday.

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From January to July, China's government funds expenditure hit 1.32 trillion yuan ($194 billion), China's Finance Minister, Xie Xuren, said during his report on the implementation of the fiscal budget plan for the first seven months of this year.

The report was presented to the 16th Session of the Standing Committee of the 11th National People's Congress, a bimonthly session running from August 23 to August 28.

Total revenue of China's government funds in the first seven months reached 1.8 trillion yuan, up 146 percent from one year earlier, as local governments increased revenues due to land purchases, Xie said.

China's government funds revenue are made up from a series of specialized charges authorized by the central government, including land revenues and part of road tolls.

China's budget for public affairs, including rural infrastructure and education as well as medical treatment and public health, stood at 7.48 billion yuan in the first seven months of 2010, Xie added.