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Customs revenue hits 688.3b yuan

(Xinhua)
Updated: 2007-12-03 09:19

China's customs revenue hit 688.35 billion yuan (US$93.02 billion) by November 28 this year, fulfilling yearly target of 688 billion yuan more than a month earlier, according to customs sources.

Related readings:  Customs revenue hits US$78b  China's customs revenue up 17.7 percent from January to November  Customs revenue surges 19 percent in first three quarters  China January-September customs revenue up 74.30 billion yuan

The customs revenue of the entire year is expected to exceed 700 billion yuan, 100 billion more than last year's record high of 610 billion yuan.

The large-scale increase of customs revenue came from strong growth in consumption and exports supported by the country's fast growing economy, said a customs official.

Total imports rose 19.8 percent to US$773.48 billion in the first 10 months as domestic demands grew, providing a major tax source.

Revenue from import sector also rose upon the launch of a consumption tax on luxury goods, such as watches, golf balls and clubs, yachts and wooden floor panels in April last year.

The adjustment of tariff policies since the end of last year boosted the revenue from the exports, which jumped 26.5 percent to US$985.84 billion in the first 10 months of this year.

The government introduced a raft of measures ranging from export rebate cuts to export tariff increases for many exports especially those from the high polluting, and high energy- and resources-consuming sectors.