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Big revenue means big problems
By Beijing Times |
July 5, 2010, Monday
|
Print Edition
Print Edition
CHINA'S huge fiscal revenue is nothing to brag about.
The government has forecast at least 8 trillion yuan (about US$1.2 trillion) for the whole year's fiscal revenue, which, if realized, will be the second largest in the world. But it's a giant with feet of clay.
For one thing, much of China's fiscal revenue comes from the real estate sector. Such an over-dependence on selling land and houses has resulted in an abnormal fiscal system.
For another, too much fiscal revenue means that tax burdens may be unduly high on businesses and individuals.
Last but not least, this much revenue has failed to ensure sufficient investment in education, health care and other social security benefits for the rank and file. China lags far behind many other countries in this regard.
The government has forecast at least 8 trillion yuan (about US$1.2 trillion) for the whole year's fiscal revenue, which, if realized, will be the second largest in the world. But it's a giant with feet of clay.
For one thing, much of China's fiscal revenue comes from the real estate sector. Such an over-dependence on selling land and houses has resulted in an abnormal fiscal system.
For another, too much fiscal revenue means that tax burdens may be unduly high on businesses and individuals.
Last but not least, this much revenue has failed to ensure sufficient investment in education, health care and other social security benefits for the rank and file. China lags far behind many other countries in this regard.
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