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Revenue collected by China grew thirty-three percent in the first six months of the fiscal year to three-point five trillion yuan.
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But revenue growth is now expected to slow due to weaker imports and increases in export tax rebates, rebuilding in the Sichuan earthquake zone and various reforms that could increase expenditures.
In late July, China raised the rebates for some textile and garment exporters to thirteen percent from eleven percent. It's part of efforts to support labor intensive industries and boost export growth amid a slowing global economy. Experts also expect further cuts in individual income tax and consumption tax to boost domestic demand.
(CCTV August 7, 2008)
