China's fiscal revenues to surpass budget this year

China's Ministry of Finance has said the country's total fiscal revenues this year will exceed the annual budget of 9.122 trillion yuan (1.44 trillion U.S. dollars) due to an increased tax intake.

Both the central and local governments will see their fiscal revenues exceed the budgets as a result of increasing intake from import taxes, corporate income taxes, value-added taxes and consumption taxes, said Vice Finance Minister Liao Xiaojun in a video conference on Wednesday.

Imports, industrial profits, industrial added value and consumer prices have reported faster-than-expected growth this year, said Liao.

China had budgeted 9.122 trillion yuan of fiscal revenues and 10.022 trillion yuan of fiscal expenditure for 2011.

In the first 10 months, fiscal revenues surged 28.1 percent year-on-year to 9.09 trillion yuan, while fiscal expenditure grew 27.2 percent to 7.76 trillion yuan, official data shows.

Liao said faster revenue growth does not necessarily bring a rush of spending in November and December, noting that the country had already accelerated fiscal spending in the first 10 months of this year.

In the January-October period, fiscal expenditure accounted for 77.4 percent of the annual spending budget, 5.2 percentage points higher than the same period of last year, said Liao.