久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

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: www.久久在线 | 国产精品亚洲一区二区三区久久 | 美女舒服好紧太爽了视频 | 亚洲欧美日韩成人一区在线 | 免费人成综合在线视频 | 一本色综合 | 亚洲欧美日韩另类精品一区二区三区 | 久久99国产精品久久 | 韩国美女爽快一级毛片黄 | 欧美一级特黄aa大片在线观看免费 | 亚洲成人手机在线观看 | 在线播放亚洲视频 | 国产网曝手机视频在线观看 | 丰满寡妇一级毛片 | 拍真实国产伦偷精品 | 亚洲三级在线播放 | 中国女人真人一级毛片 | 国内自拍偷拍视频 | 毛片免费看| 99久久免费国产精品 | 男女福利社 | 国产一级做a爰片久久毛片男 | 中文字幕在线观看亚洲日韩 | 久久99九九精品免费 | 成年人国产视频 | 一级一级特黄女人精品毛片 | 91精品国产美女福到在线不卡 | 日日摸人人看97人人澡 | 久久久久久久久久久久久久久久久久 | 免费欧美一级片 | 国产三级在线免费观看 | 美女张开腿让男人捅的视频 | 99在线观看| 天天综合色一区二区三区 | 特级毛片全部免费播放器 | 亚洲综合天堂 | 日韩经典中文字幕 | 国产特黄特色一级特色大片 | 福利姬在线精品观看 | 欧美精品在欧美一区二区 | 国产成人久久综合二区 |