China's annual tax revenue soared 31.4 percent in 2007 to 4.94 trillion yuan (US$676 billion), the State Administration of Taxation said.
Tax revenue last year was 1.18 trillion yuan more than in 2006, the top tax-collecting agency said in a statement on its Website yesterday. The figures exclude trade tariffs, holding tax on land contracts and tax on the occupation of farm land, it said, without elaborating.
China's revenue grew as double-digit economic growth helped generate more taxes in areas from trading stock to selling real estate. Rapid revenue growth indicates signs of overheating in some sectors, the ministry of Finance said on October 10.
China raised interest rates six times this year to cool the economy after inflation accelerated at the quickest pace since 1996. The country's fixed-asset investment climbed 26.8 percent in the first 11 months of 2007, while inflation surged to an 11-year high of 6.9 percent in November, Bloomberg News said.
Growth of the world's fourth-largest economy may slow to less than 11 percent in 2008 after an estimated 11.5 percent expansion this year, the state-owned Shanghai Securities News reported on December 28.
