2011中国财政发展报告-英文版-English versi

1 China' s Macroeconomy in 2010
1.1 An overview of China's National Economic Performance in 2010
1.1.1 The Economic Growth Continued,Although at a Slightly Slower Rate
1.1.2 Agricultural and Rural Economy Kept Stable Development,and Farmers' Incomes Increased Rapidly
1.1.3 Industrial Production Recovered With Significantly Improved Efficiency 7
1.1.4 Investment in Fixed Assets Slowed Down,but the Real Estate Market Remained Overheating 14
1.1.5 Total Retail Sales of Consumer Goods Increased Steadily,Rural Consumption Still Lower Than Urban Consumption 18
1.1.6 Foreign Trade Achieved a Rapid Recovery Growth With Significant Export Expansion From Central and Western Regions
1.1.7 Soaring Prices Intensified Inflation Concerns 21
1.1.8 Monetary Policies Returned to Normal,and Foreign Exchange Reserves Kept Growing 25
1.1.9 Stock Market Capitalization Continued to Grow,While Range of Share Price Drop Ranked Third in the World 30
1.1.10 A Positive Trend of Employment Was Accompanied by Increases in Residents' Income 33
1.2 Major Issues of China' s Macroeconomy in 2010 35
1.2.1 Sharp Rise in Food Price Caused General Escalation of Prices and Increasing Inflationary Pressure 36
1.2.2 Continuous Rising in Real Estate Price Made Housing Unaffordable for Ordinary People 41
1.2.3 Overinvestment,Underconsumption and Unstable External Demand Made Up Irrational Engines of Economic Growth 43
1.2.4 The Industrial Structure Was Imbalanced ,and the Progress of Industrial Upgrading Remained Very Slow 48
1.2.5 Unreasonable and Unbalanced Distribution Pattern of National Income 51
1.3 Analysis of Major Macroeconomic Policies in 2010 55
1.3.1 Continuing to Implement a Proactive Fiscal Policy and a Moderately Easy Monetary Policy 56
1.3.2 Curbing Rocketing Housing Prices and Squeezing Out Bubbles in the Market by Drastic Actions 59
1.3.3 Facilitating the Growth of Emerging Industries and Supporting the Development of Regional Economy 61
1.3.4 Encouragement of Private Investment by Central and Local Governments 65
1.3.5 Promoting Energy Saving and Emission Reduction and Accelerating Elimination of Backward Production Capacity 70
1.4 Macroeconomic Trend in 2011 73
1.4.1 Steady Economic Growth Can Be Expected,but Growth Rate Will Decrease Slightly 73
1.4.2 Efforts to Restructure Economy and Stabilize Growth Will Bear Fruit 76
1.4.3 Income Distribution Reform Is on the Way,Social Security Work Has Been Steadily Advanced,and People's Lives Will Be Further Improved 78
1.4.4 As Excessive Liquidity Remains a Serious Problem and Inflation Pressures Intensifies Further,China Will Shift to a Prudent Monetary Policy 80
1.4.5 The Pace of RMB Appreciation Will Remain Modest 81
2 China' s Fiscal Revenue in 2010 83
2.1 Review on Fiscal Revenue Achieved in 2009 83
2.2 Analysis of Fiscal Revenue in 2010 88
2.2.1 Overview of 2010 Fiscal Revenue Budgeting and Implementation
2.2.2 Analysis of Total Fiscal Revenue in 2010
2.2.3 Analysis on the Structure of Fiscal Revenue in 2010
2.3 Analysis of Major Tax Policies in 2010
2.3.1 Goods and Services Tax Policies
2.3.2 Income Tax Policies
2.3.3 Special Preferential Tax Policies
2.4 Maior Tax Reforms during the Eleventh Five-Year Plan Period
2.4.1 Abolition of Agricultural Tax
2.4.2 Unification of Income Tax on Domestic and Foreign Enterprises
2.4.3 VAT Transformation
2.4.4 Sales Tax Reform
2.4.5 Adjustment of Individual Income Tax
2.5 Review on Treasury Bonds Issued in 2010
2.5.1 The Volume ofTreasury Bonds Issued
2.5.2 Types of Treasury Bonds
2.5.3 Maturity of Treasury Bonds
2.5.4 Coupon Interest Rates
2.5.5 Local Goverument Bonds Issued
2.6 2011 Fiscal Revenue and Policy Outlook
2.6.1 Assessment of 2011 Fiscal Revenue Situation
2.6.2 Comments on Tax Policies Already Issued in 2011
2.6.3 An Outlook of Treasury Bonds to Be Issued in 2011
3 China' s Fiscal Expenditure in 2010