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China to trim budget deficit by 1.7 pct in 2006

Written by: Staff
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BEIJING, Mar 4 (Reuters) China expects to trim its budget deficit by about 1.7 per cent in 2006 to 295 billion yuan, the government will say on Sunday, further winding back fiscal stimulus that began in 1998.

In a report to be delivered to the National People's Congress, or parliament, Finance Minister Jin Renqing will forecast government revenues of 3.542 trillion yuan, up 12 percent on 2005, according to sources who have seen Jin's draft budget.

Jin expects government spending to reach 3.837 trillion yuan this year, an increase of 13.8 per cent from actual government spending of 3.371 trillion yuan in 2005, they said.

Last year Jin projected a budget deficit of 300 billion yuan, down by 6 per cent from 2004.

REUTERS PM RK2149

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