China's fiscal revenues in the first seven months reached 4.088 trillion yuan (US$597.6 billion), up 30.5 percent over the same period last year, said the Finance Minister Xie Xuren on Wednesday.

Xie revealed the figure in a report on the country's first-half fiscal situation to the fourth session of the Standing Committee of the 11th National People's Congress (NPC), China's top legislature.

Of the total revenue, the central government collected about 2.29 trillion yuan, an increase of 30.9 percent over the same period of 2007. This accounted for 72.4 percent of the annual budget.

Local governments collected the other 1.798 trillion yuan, a rise of 29.9 percent, which accounted for 67 percent of the annual budget.

In the first seven months, fiscal expenditure nationwide amounted to 2.74 trillion yuan, up 628.69 billion yuan or 29.7 percent over the same period last year, accounting for 45.1 percent of the budgeted figure.

Central government expenditure totaled 583.3 billion yuan, up 15.6 percent; while local governments spent 2.16 trillion yuan, up 34.1 percent.

In the first half, the government allocated more money to cope with natural disasters, including the severe winter weather, and the 8-magnitude May 12 earthquake in southwest China.

Disaster relief allocations reached 27.4 billion yuan, and funds for post-disaster reconstruction totaled 70 billion yuan in the first seven months.

Most of the funding was spent on improving living standards and production conditions in rural areas, environmental protection, upgrading infrastructure, and investing in major projects, said Xie.

Xie stressed that the government would strengthen budget management, improve the fiscal system, and deepen fiscal management reform.

China's fiscal revenue totaled 5.13 trillion yuan in 2007, up 32.4 percent year on year.

(Xinhua News Agency August 28, 2008)