1China’s Macroeconomy in 2011

1.1China’s Economic Aggregate in 2011

1.1.1Product Market

1.1.2 Financial Market

1.1.3 Factor Market

1.2 China’s Macroeconomic Structure in 2011

1.2.1Industrial Structure

1.2.2 Regional Structure

1.2.3 Demand Structure

1.2.4 Distribution Structure

1.3 Hot Issues and Major Macroeconomic Policies

1.3.1Inflation

1.3.2 Real Estate Regulation and Control

1.3.3 Private Entrepreneurs’ “Running Away”

1.3.4 International Mergers and Acquisitions by Chinese Enterprises

2 China’s Fiscal Revenue in 2011

2.1Review of Fiscal Revenue during the “Eleventh Five-year Plan” Peri-od

2.2 Analysis of Total Fiscal Revenue in 2011

2.2.1Fiscal Revenue Budget for 2011

2.2.2 Fiscal Revenue Implementation in 2011

2.2.3 Major Reasons for National Revenue Accomplishment in 2011

2.3 Analysis on the Structure of China’s Fiscal Revenue in 2011

2.3.1Breakdown of Fiscal Revenue by Month

2.3.2 Breakdown of Fiscal Revenue by Province

2.3.3 Breakdown of Fiscal Revenue by Category

2.4 Analysis of Treasury Bonds Issuance in 2011.

2.4.1The Volume of Central Government Debt and Its Risks in 2011

2.4.2 Structure of Treasury Bonds Outstanding in 2011

2.4.3 Types of Treasury Bonds Issued in 2011

2.4.4 Local Government Bonds Issued in 2011

2.5 Analysis of Hot Tax Policies in 2011

2.5.1Pilot house property tax

2.5.2 Adjustment of individual income tax

2.5.3 The new policy on vehicle and vessel tax

2.5.4 The pilot program for replacing business tax with VAT launched in some industries in Shanghai

2.5.5 Reform of Resource Tax

3 China’ s Fiscal Expenditure in 2011

3.1Review of Fiscal Expenditure during the “Eleventh Five-year Plan” Period

3.2 Analysis of Total Fiscal Expenditure in 2011

3.2.1Implementation of Fiscal Expenditure Budget

3.2.2 Annual Growth of Fiscal Expenditure

3.2.3 Comparison with Fiscal Revenue Growth

3.2.4 Comparison with GDP Growth Rate

3.3 Analysis on the Structure of Fiscal Expenditure in 2011

3.3.1Breakdown of Fiscal Expenditure by Month

3.3.2 Breakdown of Fiscal Expenditure by Item

3.3.3 Breakdown of Fiscal Expenditures by Central and Local Govern-ment Spending

3.4 Major Items of Fiscal Expenditure in 2011

3.4.1Education Spending

3.4.2 Spending on social security and employment

3.4.3 Spending on Water Conservancy

3.4.4 Spending on the “Three Public Consumptions”

4 Analysis of China’s Fiscal System

4.1Fiscal System before the Tax-sharing System

4.1.1Highly centralized fiscal system before the reform and opening-up

4.1.2 “Substitution of Tax Payment for Profit Delivery” and Fiscal Responsibility System after China’ s Reform and Opening-up

4.2 Tax-sharing System Reform in 1994

4.2.1Division of Administrative Power and Expenditures between Cen-tral and Local Governments

4.2.2 Division of Fiscal Revenue between Central and Local Govern-ments

4.2.3 Transfer Payment System of the Central Finance

4.3 Further Improvements of the Tax-sharing System

4.3.1Strengthening the balancing function of the central finance and clarifying the service function of grass-roots and local govern-ments

4.3.2 Attaching great importance to scientific and precise fiscal manage-ment in accordance with the law

4.3.3 Gradually moving toward democratic and transparent fiscal super-vision

Appendix The Ways in which the Reform of “Placing County Finances under Direct Provincial Administration” Promotes County-level Economic Growth

References