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BEIJING, Dec. 2 -- China's customs revenue hit 688.35 billion yuan (about 93.02 U.S. dollars) by November 28 this year, fulfilling yearly target of 688 billion yuan more than a month earlier, according to customs sources.
The customs revenue of the entire year is expected to exceed 700 billion yuan, 100 billion more than last year's record high of610 billion yuan (about 78 billion dollars). 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 773.48 billion dollars in first ten months as domestic demands grew, providing a major tax source. Revenue from import sector1 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 tariff2 policies since the end of last year boosted the revenue from the exports, which jumped 26.5 percent to985.84 billion U.S. dollars in the first ten months this year. The government introduced a raft of measures ranging from export rebate3 cuts to export tariff increases for many exports especially those from the high polluting, and high energy- and resources-consuming sectors4.
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