China Urges Financial Support to Small Firms
The Chinese government will continue encouraging providing financial support to small and midsized businesses, central bank governor Zhou Xiaochuan said. In a similar call, vice premier Ma Kai said last year that credit growth for small firms must be faster than that of total lending, while Xiao Gang, the head of the China Securities Regulatory Commission, previously said the regulator would further relax requirements and lower the threshold to listing sought by small companies.
SOE Earnings Up 7% in 1H 2013
China's state-owned enterprises (SOEs) posted 21.95 trillion yuan in revenues and 1.11 trillion yuan in gross profits in 1H 2013, up 10.7% and 7% respectively from 1H 2012, the Ministry of Finance said. Central government-owned enterprises, the largest group of SOEs, posted 13.5 trillion yuan in revenues and 805.71 billion yuan in gross profits in 1H 2013, up 9.5% and 15.6% respectively from 1H 2012.
Property Transaction Tax Boosts Government Revenue
China's central government fiscal revenue rose 12.1% year on year to 1.24 trillion yuan and central government expenditure rose 3% year on year to 1.31 trillion in June, the Ministry of Finance said. In 1H 2013, central government fiscal revenue was up 7.5% year on year to 6.86 trillion yuan and central government expenditure was up 10.8% year on year to 5.97 trillion yuan. Bolstered by strong income from a dramatic rise in property transactions, local government revenue jumped 13.5% year on year to 3.63 trillion in 1H 2013.
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