BEIJING -- 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 (SAT) said hereon Tuesday.

Xiao Jie, head of the SAT, said the increase was one of the largest in any year since the reform and opening up policy adopted in 1978. He ascribed the increase to stable economic growth and surging industry profits.

Xiao forecast that tax revenue would rise further in 2008, driven by strong economic momentum.