(Yicai Global) Feb. 1 -- China's taxation authorities last year collected a total of CNY12.6 trillion (USD2 trillion) tax revenue, up by 8.7 percent year-on-year, after export rebates deducted. The figure indicates an improvement on the tax revenue growth, which had been slowing down in recent years, and enhanced coordination between taxation and economic growth.

In 2017, the tax revenue received by taxation authorities grew 3.9 percentage points faster than the growth rate in 2016, said Zheng Xiaoying, deputy director of the department of revenue planning and accounting of the State Administration of Taxation, or SAT, at a press conference today. The tax elasticity index, the ratio of the tax revenue growth rate to the GDP growth rate, is close to 0.8, still within the reasonable range, Zheng added.

The tertiary industry continued to be the leading industry in terms of tax contribution. The tax revenue from this industry last year grew by 9.9 percent, accounting for 56.1 percent of the total tax revenue, 12.3 percentage points higher than the contribution of the secondary industry, Zheng revealed. During this period, tax revenue from modern service industries maintained rapid growth. Tax revenue from the internet and related service industries increased 55.1 percent, while the software and IT service industry's contribution to tax revenue surged 36 percent.

High-end manufacturing industries also posted increase in their contribution to state revenues. The tax revenue growth rates for generic equipment manufacturing, communication equipment manufacturing, and special equipment manufacturing were 23.5 percent, 21.6 percent, and 20.9 percent, respectively.