China's fiscal policy over past 5 years

Updated: 2013-03-13 10:52


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During the five year period, the central government's fiscal revenue totaled nearly 21.9 trillion yuan, or $3.5 trillion. In the meantime, central fiscal expenditure totaled around 24.9 trillion yuan.

There has been increased spending on education, medical care, green industry and transport. More than two thirds of the spending has gone to public-welfare related areas.

In addition, the central government has sought to implement structural tax cuts. China has piloted its Value Added Tax reform in 9 provinces and cities, cutting 40 billion yuan in taxes for more than a million businesses in 2012. Experts say the measures have helped develop the services sector and upgrade China's economic structure.