• Finance Minister Lou Jiwei states that the government is under pressure to meet its revenue budget target.

Finance Minister Lou Jiwei states that the government is under pressure to meet its revenue budget target. (Photo : Reuters)

As warned by Finance Minister Lou Jiwei on Sunday, the Chinese government is currently under pressure to meet its central fiscal revenue budget for 2015 because of slowing fiscal revenue growth.

In a briefing of lawmakers on a State Council report about final 2014 accounts, Lou noted that the central treasury has only received 2.95 trillion yuan from January to May, posting a mere a 2-percent year-on-year growth.

Like Us on Facebook

The previously budgeted growth rate is 5 percent.

The national fiscal revenue pulled in a total of 6.43 trillion yuan, which is a 3.1-percent year-on-year increase.

For 2014, the Chinese economy has tallied the weakest annual expansion in over two decades, growing by only 7.4 percent. This year, the government has set 7-percent growth rate as a more realistic goal.

Lou stated that the Chinese government has turned to structural and reform optimization to achieve stronger growth, adding that some measures "have worked, or are working."

"With the new growth engines still in the making, external demand contracting and internal contradictions aggregating, there has been considerable downward pressure on the economy," he remarked.

According to Lou, this, among other factors, has contributed to the pressure given to the central government.

Meanwhile, the government said that it will carry on President Xi Jinping's strategic development blueprint, "Four Comprehensives." It is also set to focus on attaining dual objectives, "maintaining medium-high growth and moving toward medium-high development."

The mentioned State Council report was submitted to the Standing Committee of the National People's Congress (NPC). The occasion was part of the ongoing session of the committee, which is held twice a month and presided by Chairman Zhang Deijang.

The report also said that the general public budget revenue increased by 7.1 percent year-on-year in 2014, tallying up to 6.45 trillion yuan. On the other hand, expenditure grew to 7.42 trillion yuan, an 8.3-percent increase.