Thu, January 29, 2009
Business > Economy

China tightens control on administrative spending

2009-01-29 03:38:31 GMT2009-01-29 11:38:31 (Beijing Time)  Xinhua English

BEIJING, Jan. 29 (Xinhua) -- China's central and local governments will be required to keep some administrative fees this year no higher than last year as the global financial crisis builds fiscal pressure in the country.

Zero-growth must be maintained in government spending on car purchases, meetings, receptions and overseas travels this year, the Ministry of Finance (MOF) told Xinhua on Thursday.

The MOF said it would strengthen oversight on government funds and investment and fight resolutely against illegal behaviors such as embezzlement.

Minister of Finance Xie Xuren said earlier this month local governments must strictly control construction of office buildings and promote frugal practices.

He said the country's fiscal revenue increase started to slow down in the second half of 2008 because of economic deceleration, corporate profit decline and tax cuts to boost growth.

China unveiled a 4 trillion-yuan (586 billion U.S. dollars) fiscal package in November to stimulate domestic demand.

Fiscal revenue last year is expected to rise 19 percent to exceed 6 trillion yuan (about 857 billion U.S. dollars), slower than a 32.4-percent annual gain in 2007, according to Xie.

Add Your Comments:

Your Name:
Your Country:
Comment:
(English Only)
 
Please read our Terms of Service. Messages that harass, abuse or threaten others; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed.

SPECIAL COVERAGE

MOST VIEWED

LATEST VIDEO

PICTURE GALLERY