China's tax revenues up 9.1 percent

China's tax revenues grew 9.1 percent to 6.31 trillion yuan ($924.4 billion) in 2009, beating the budget target set at the beginning of last year, the State Administration of Taxation said on Friday. Beijing had budgeted for an 8 percent increase in tax revenues for 2009.
Rising receipts since June have helped surpass the goal and give the government a bit more fiscal flexibility at a time when other countries are struggling to keep large deficits at bay. In response to the collapse in world demand, China had actually been cutting taxes to help companies and boost domestic consumption.
Tax revenues are expected to increase further, as the government winds down some of the incentives that helped boost property and auto sales to prevent asset bubbles from forming.