China's fiscal revenue is estimated to exceed 2 trillion yuan (about US$244 billion) this year thanks to fast economic growth and improved corporate returns, the country's chief tax collector said Thursday.

Xie Xuren, director of the State Administration of Taxation, said the figure represented an increase of more than 300 billion yuan (some US$36.5 billion), or 17.6 percent, over last year's 1.7 trillion yuan (US$205 billion).

The figures compared with the year-on-year tax revenue growth of 12.1 percent in 2002, or a net increase of 183.2 billion yuan (US$22.3 billion) over 2001.

The government had collected 1.867 trillion yuan (US$227.69 billion) in revenue during the first 11 months, up 20.3percent, or 315.3 billion yuan (US$38.4 billion), over the same period last year, Xie said.

Xie attributed the drastic rise to the country's fast economic growth and improved corporate returns.

A rapid increase in Custom tariff revenues and improvements in taxation administration were also contributing factors, said Xie.

(Xinhua News Agency December 19, 2003)