www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

Government revenues move to center stage

By ANDREW MOODY (China Daily) Updated: 2015-03-30 07:48

Government revenues move to center stage

An employee counts renminbi (yuan) banknotes at a bank in Lianyungang city, East China's Jiangsu province, June 4, 2014.[Photo/IC]

The state of China's government finances do not normally grab the headlines amid the economic data emanating from the world's second-largest economy.

Far more attention is paid to GDP growth with small variations having a significant impact on global financial markets.

Yet at the recent annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference, the country's fiscal position was a major talking point.

All eyes were therefore on Premier Li Keqiang after he set a 2.3 percent fiscal deficit target for this year and unveiled the Government Work Report on March 5.

This was an increase on the 2.1 percent in 2014 and substantially above the 0.6 percent in 2008 before China's 4 trillion yuan ($639 billion) stimulus to give the economy a lifeline in the wake of the financial crisis.

It is the local government that is feeling the crunch. A report by Deutsche Bank forecast that municipal revenues would actually fall by 2 percent this year.

Local authorities are unlikely to get much of a boost from external finance. The pace of increase in foreign direct investment appeared to be slowing in the first two months of this year with a 17 percent rise year-on-year, compared to the January increase of 29.4 percent in figures released on March 16.

Zhiwei Zhang, chief China economist of Deutsche Bank, says China's fiscal position is now the economy's single biggest problem.

"We believe this is the most important risk to the economy and one that is not well recognized in the market," he told Economic Times recently

China's fiscal issue has been brewing since a National Audit Office report published in 2011 revealed local government debt of 10.7 trillion yuan. By the end of June 2013 this had risen to 17.9 trillion yuan.

This led some to conclude the Chinese economy was heading toward its own Lehman moment.

Unusual, however, for a developing country, China does retain the capacity to absorb high levels of debt.

It has easily the world's largest foreign exchange reserves of some $4 trillion, four times more than Japan, which has the next biggest. Its State-owned enterprises also had assets of 104.1 trillion yuan in 2013, considerably more than the 53.3 trillion they held in 2009, according to the Ministry of Finance.

Unlike in many Western countries, China's local government spending is not financed in large part by local taxation.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 日韩欧美亚洲 | 亚洲精品视频久久久 | 91精品免费国产高清在线 | 亚洲午夜网 | 国产萌白酱在线一区二区 | 国内偷拍免费视频 | 俺来也俺来也天天夜夜视频 | 玖草资源在线 | 国产在线观看免费一级 | 美女视频免费黄 | 欧美一级大片在线观看 | 久久国产欧美日韩精品免费 | 国产日产高清欧美一区二区三区 | 黄色毛片一级 | 国产真实孩交 | 丝袜毛片| 国产一区精品 | 欧美不卡一区二区三区 | 99久久亚洲综合精品网站 | 搞黄网站在线观看 | 久久福利青草精品免费 | 免费午夜扒丝袜www在线看 | 成网站在线观看人免费 | 美女很黄很黄免费 | 亚洲精品不卡在线 | 国产精品日韩欧美在线第3页 | 男女超猛烈啪啦啦的免费视频 | 国产欧美日韩精品第二区 | 国产综合精品久久亚洲 | 久久99久久精品国产只有 | 欧美69视频 | 成人毛片免费播放 | 国产在线观看一区二区三区 | 国产精品久久久久久网站 | 免费日韩在线视频 | 怡红院免费全部视频在线 | 美女网站免费观看视频 | 亚洲精品久久久久中文 | 不卡一级毛片免费高清 | 美女黄色一级毛片 | 特级毛片a级毛免费播放 |