China's tax revenue exceeded 4.94 trillion yuan (670 billion US
dollars) in 2007, up 31.4 percent year-on-year, the State
Administration of Taxation (SAT) said Tuesday.
Xiao Jie, head of the SAT, said the increase was one of the
largest in any year since the reform and opening up policy adopted
in 1978. He ascribed the increase to stable economic growth and
surging industry profits.
Xiao forecast that tax revenue would rise further in 2008,
driven by strong economic momentum.
(Xinhua News Agency January 2, 2008)