January 25, 2008 -- China's tax revenue exceeded 4.94 trillion yuan (670 billion U.S. dollars) in 2007, up 31.4 percent year-on-year, the State Administration of Taxation announced at the start of this month. According to a report by the state-owned Xinhua newswire, this was the highest increase of any year since reforms began in 1978. According to officials, the increase was a result of stable economic growth and fast-growing industrial enterprise profits.