By Center for Macroeconomic Research o
As the gradual exterior marketplace call for and extra household funding in earlier years have prompted extra creation potential, leading to either business development price and GDP development price falling to lowest aspect for the final 3 years in China. the place might China’s economic climate pass? China’s Macroeconomic Outlook, September 2013 offers a few insights into the main points of the industrial improvement in China, and in addition contains sequence of simulations of the effect of lowering executive profit at the financial functionality. The learn means that China may still lower its govt profit percentage in GDP to advertise its structural adjustment.
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Extra info for China's Macroeconomic Outlook: Quarterly Forecast and Analysis Report, August 2013
8). 2 The Second Scenario: All the Reduced Part of Government Non-tax Revenue Would be Transferred to Employees to Increase Their Wages If the reduced part of government non-tax revenue would be transferred to employees to increase their wages during 2007–2012, then the simulation results based on CQMM shows that: 1. 0 10 2010 2011 Baseline 2012 Scenario 1 Diff Fig. 7 The growth rates of tax revenue. 5 2010 Baseline 2011 Scenario1 2012 Diff Fig. 8 The shares of government revenue in GDP. Note: Baseline denotes the share of government revenue in the baseline model; Scenario 1 denotes the counterpart in the first scenario; Diff denotes the difference between the two results above 2.
Before policy simulation, first introduce some backgrounds about the condition of the government revenue in China. 1. After the revenue-sharing reform in 1994, the government revenue in China has grown rapidly. 5 percentage points higher than that of GDP. As a result, the share of government revenue in GDP rose rapidly in the recent years (Fig. 1). 77 percentage points averagely. 99 %. As a net effect, the ratio of government 1 “Firmly March on the Path of Socialism with Chinese Characteristics and Strive to Complete The Building of a Moderately Prosperous Society in All Respects, Report to the Eighteenth National Congress of the Communist Party of China” By Hu Jintao, page 20, People’s publishing house, November, 2012.
6. Special attention should be paid to areas which are important to the people’s wellbeing such as education, scientific technology, culture and recreation, medical and health care, social security and employment, and the government should prevent expenditure decline sharply in these areas. To reduce government overhead, we should strictly control the construction and expansion of government office buildings, truly standardize official entertaining, and plug up loopholes in management rules by banning the construction of more luxury government building and halls with excuses of people’s wellbeing program or using some fabricated titles such as “civil service center ”.
China's Macroeconomic Outlook: Quarterly Forecast and Analysis Report, August 2013 by Center for Macroeconomic Research o