China to follow prudent fiscal policy in 2008

Source: CCTV.com | 03-05-2008 13:31

The Ministry of Finance has issued a report on the implementation of central and local budgets in 2007, as well as the draft of the budget plan for 2008.

The report says the budget plan was "satisfactorily implemented" in 2007. And the government says it will follow a prudent fiscal policy focusing on restructuring and achieving balanced development in 2008.

The Ministry of Finance's report says national revenue reached 5.1 trillion yuan in 2007, an increase of 32.4 percent from the previous year. And national expenditure reached 4.9 trillion yuan.

In the past year, the central government spent 431.8 billion yuan on agriculture, rural areas and farmers. This aims to accelerate the building of a new socialist countryside.

To ensure the people's wellbeing...the central budget spending on education totaled 107.6 billion yuan; medical and health care 66.4 billion yuan; social safety net and employment 230.3 billion yuan.

For the year 2008, national revenue is projected to reach over 5.8 trillion yuan. And expenditure in the overall budget is expected to total nearly 6.1 trillion yuan.

Among the arrangements for major central government expenditure for 2008, an allocation of 2.42 billion yuan has been appropriated to support the hosting of the 2008 Beijing Olympics and Paralympics.

A total of 14.76 billion yuan has been allocated to promote scientific and technological innovation. And another 27 billion yuan to support energy conservation, emissions reduction and ecological improvement.

Editor:Zhang Ning