Ministry of Finance: China will withdraw parts of land incomes to fund education

Wu Guosheng, deputy director of the Ministry of Finance, said on July 15 that China will extract a certain percentage of funding from land incomes to increase funding for education in the next two years. Wu Guosheng said that from 2006 to 2010, the education budget annual growth rate reached 23.3% on average. It was much higher than the growth rate in the same period of fiscal spending.

Statistics show that in 2010 China’s fiscal spending on education is about 3.69% of GDP; fiscal expenditure on education has become China’s largest public finance spending.

Caijing

Translated and edited by Peng Bo, he is now an editor and author of m4.cn, write to him at pb.bloomberg@gmail.com

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