中国公共财政热点问题

1、主要内容主要内容 Outline I. 中国经济发展与公共财政 Chinas Economic Development and Public Finance II.税制改革 Tax Reforms III. 财政赤字和债务 Budget Deficits and Government Debt I.1 中国经济发展中国经济发展 Chinas Economic Development 1978年开始的经济改革极大地改变了中国经济面貌年开始的经济改革极大地改变了中国经济面貌 The economic reforms started in 1978 has greatly changed China

2、s economic landscape. Per Capita GDP Per Capita GDP Total GDPTotal GDP 人均人均GDPGDP GDPGDP总量总量 1978 - 381 元元yuan 364.5 billion yuan 2008 -23,708 元元yuan (PPPUS$6,020) 30,285.3 billion yuan 2009 -25,188 元元yuan 33,535.3 billion yuan 2010 -29,745 元元yuan (Exch Rate US$4,500美元美元) 39,798.3 billion yuan 中国中国

3、正向中等收入国家迈进正向中等收入国家迈进 I. 中国经济发展与公共财政中国经济发展与公共财政 Chinas Economic Development and Public Finance 中国中国GDPGDP增长率增长率 Chinas GDP Growth 1978-2010Chinas GDP Growth 1978-2010 美国经济增长率 日本经济增长率 印度经济增长率 中国经济起飞 WSJ 中国成为第二大经济体中国成为第二大经济体 The Largest Economies in the World #1 United States美国 -GDP 2010, $14.72 trilli

4、on (est) #2 China中国中国 - $5.879 trillion #3 Japan日本 - $5.474 trillion WSJ Feb 13, 2011 2008 年部分国家国民收入 Population and GNI WDR 2010 国家国家人口人口（百万百万）GNI（10亿美元）亿美元）GNI人均（美元）人均（美元） GNI购买力（购买力（10亿亿 美元）美元） GNI人均购买力人均购买力 （美元）（美元） Australia澳大利亚澳大利亚21862.540,350727.534,040 Canada加拿大加拿大331,390.0041,7301,206.5036,

5、220 Chile智利智利17157.59,400222.413,270 China中国中国1,3263,899.302,9407,984.006,020 Ethiopia8122.728070.2870 Finland芬兰芬兰5255.748,120189.535,660 France法国法国622,702.242,2502,134.4034,400 Germany德国德国823,485.7042,4402,952.4035,940 India印度印度1,1401,215.501,0703,374.902,960 Indonesia印尼印尼228458.22,010875.13,830 Ja

6、pan日本日本1284,879.2038,2104,497.7035,220 S Korea韩韩491,046.3021,5301,366.9028,120 Malaysia马来西亚马来西亚27188.16,970370.813,740 Mexico墨西哥墨西哥1061,061.409,9801,517.2014,270 Norway挪威挪威5415.387,07027958,500 Philippines菲律宾菲律宾90170.41,890352.43,900 Russia俄国俄国1421,364.509,6202,216.3015,630 Singapore新加坡新加坡5168.234,7

7、6023247,940 Spain西班牙西班牙461,456.5031,9601,418.7031,130 Sweden瑞典瑞典9469.750,94035238,180 Thailand泰国泰国67191.72,840403.45,990 UK英国英国612,787.2045,3902,218.2036,130 US美国美国30414,466.1047,58014,282.7046,970 World世界平均世界平均6,69257,637.58,61369,30910,357 国家国家 人均财富人均财富 Total wealth 资本、城市资本、城市 地地Produced capital a

8、nd urban land 无形资本无形资本 Intangible capital 自然资本自然资本 Natural capital 草原草原 Pasture land 农田农田 Crop land 保护区保护区 Pro tected areas 非木材非木材 Nontimber forestre sources 木材资源木材资源 Timber resources 地下石油地下石油 Subsoil assets Australia澳澳371,03158,179288,68624,1675,5904,3651,42155174811,491 Bangladesh6,0008174,2219615

9、281092483 Belgium451,71460,561388,1233,0302,16157502025420 Brazil巴西巴西86,9229,64370,5286,7521,3111,9984027246091,708 Canada324,97954,226235,98234,7711,6312,8295,7561,2644,72418,566 China中国中国9,3872,9564,2082,2231461,4042729106511 Ethiopia1,96517799279619735316716630 France法法468,02457,814403,8746,3352,

10、0912,7471,0267730787 Germany德德496,44768,678423,3234,4451,5861,1761,11339263269 Greece希腊希腊236,97228,973203,4454,5545733,4245710182318 India印度印度6,8201,1543,7381,9281921,3401221459201 Indonesia13,8692,3828,0153,472501,2451671153461,549 Japan日本日本493,241150,258341,4701,513316710364563828 S Korea韩韩141,282

11、31,399107,8642,0202751,24144130033 Malaysia46,68713,06524,5209,103241,3691611884386,922 Mexico墨墨61,87218,95934,4208,4937211,1951761281996,075 Philippines19,3512,67315,1291,549451,30859179030 Russia俄国俄国38,70915,5935,90017,2171,3421,2621,3171,22829211,777 Sweden瑞典瑞典513,42458,331447,1437,9501,6761,1201

12、,5499082,434263 Thailand泰泰35,8547,62424,2943,936962,3708555592469 UK英国英国408,75355,239346,3477,1671,29158349514444,739 US美国美国512,61279,851418,00914,7521,6652,7521,6512381,3417,106 World95,86016,85074,9984,0115361,4963221042521,302 Low inc7,5321,1744,4341,9251891,14311148109325 Middle inc27,6165,34718

13、,7733,4264071,5831291201691,089 High inc (OECD) 439,06376,193353,3399,5311,5522,0081,2151837473,825 2000 年世界人均财富年世界人均财富(人均美元人均美元) Wealth of nations （$per capita） WDR 2010 I.2 中国经济面临的挑战 Challenges China faces 新时期我国出现新问题：新时期我国出现新问题： 贫富差别大，地区差别大贫富差别大，地区差别大 环境污染环境污染 我国面临的长远问题：我国面临的长远问题： 人口老龄化 资源短缺 所有这些问

14、题都与所有这些问题都与公共公共财政有关财政有关 部分国家基尼系数 Income GINI Coefficients in Selected Regions (2000-2010) CountryCountry国家国家GINIGINI基尼系数CountryCountry国家国家GINIGINI基尼系数 HungaryHungary匈牙利匈牙利30.030.0USAUSA美国美国40.840.8 JapanJapan日本日本24.924.9ChinaChina中国中国41.541.5 SwedenSweden瑞典瑞典25.025.0SingaporeSingapore新加坡新加坡42.542.5

15、GermanyGermany德国德国28.328.3RussiaRussia俄国俄国43.743.7 FranceFrance法国法国32.732.7Hong Kong Hong Kong 香港香港43.443.4 UK UK 英国英国36.036.0Mexico Mexico 墨西哥墨西哥51.651.6 IndiaIndia印度印度36.836.8Brazil Brazil 巴西巴西55.055.0 人口老龄化严重人口老龄化严重 Population Aging and Social Security ProblemPopulation Aging and Social Security

16、Problem 65岁以上人口Population aged 65 or over 1990 - 63 million accounted for 5.6% of total population 2000 - 88 million 7% 2040 - over 20% 社会保障改革迫在眉睫 Social security reforms become necessary 中国社保有省、市、县级政府承担 Social Security is run by city- or province-level governments 2010 /通用格式/通用格式/通用格式 0-40-4 10-141

17、0-14 20-2420-24 30-3430-34 40-4440-44 50-5450-54 60-6460-64 70-7470-74 FEMALESMALES Source: The World Bank 2050 /通用格式 /通用格式 /通用格式 /通用格式 /通用格式 0-40-4 10-1410-14 20-2420-24 30-3430-34 40-4440-44 50-5450-54 60-6460-64 70-7470-74 FEMALESMALES Source: The World Bank 人口老龄化要求对现有的社会保障体制进行改革人口老龄化要求对现有的社会保障体制

18、进行改革 Social security payment will become a big issue II. 税制改革税制改革 Tax Reforms II.1 税收的基本原则世界范围内的税制改革税收的基本原则世界范围内的税制改革 Principles of Taxation and Worldwide Tax Reforms II.1.1 中国传统财税思想中国传统财税思想 A. 轻徭薄赋，藏富于民 儒家自孟子后认为人心是善的，富人会救济穷人。即私人之间可以进行收入再分配，政 府在收入再分配中的作用就不大了。人心本来是善的，可以教化，应少用刑罚手段。政 府规模要小。儒家主张小政府。 孟子认

19、为，薄赋敛既能富民，又有利于发展生产。 在税收负担上，孟子主张 “什一而税 ”（孟子滕文公上）。 这成为以后2000多年儒家的税收信条。 Traditional thoughts on taxation in China A. Low Taxes, and kept wealth among people Mencius, a follower of Confucius, believed that people are kind, the rich will help the poor, and government size should be small, and tax rate sh

20、ould be 10%. Confucianism dominated Chinas philosophy for a long time. B.国家垄断，征隐形税国家垄断，征隐形税 管仲就曾向齐桓公建议，直接向百姓征收人头税、房屋税、建筑税、林木 税、六畜税等办法都不好，容易引起百姓对征税的反感。好的办法是控制 国家的自然资源，“官山海”，实施食盐和铁器的国家专卖。食盐和铁器是 人们日常生活和生产所必需，价再高也得买。专卖不仅可获得巨大财政收 入，也不易引起民怨。 历史上茶叶、食油在中国都实行过国家专卖。 这些思想影响十分深远, 至今国有垄断企业起着很大作用。 Implicit taxati

21、on More than 2000 years ago, Guan Zhong, the Prime Minister of Kingdom Qi, suggested to the King, the government should not collect head taxes, property taxes, and other taxes, to avoid peoples rebellion. Instead, the government should monopolize the sale of necessities, such as salt and iron, and s

22、ell at high prices. In history, even tea and cooking oil were once monopolized by the government. This thought is still influential today. SOEs and state dominated enterprises still produce about 28% of industrial output. II.1.2 现代税收原则现代税收原则Modern Tax Principles 斯密 在国富论中提出 税制 4项原则 Adam Smith (1776)

23、The Wealth of Nations, Book V 税制税制 4项原则项原则Fourth maxims: (1) 公平，税负应该与纳税人公平，税负应该与纳税人 的能力成比例的能力成比例 Equality, taxes should be in proportion to taxpayers respective abilities; (2) 确定，纳税时间，方式，和数量必须确定、不随意确定，纳税时间，方式，和数量必须确定、不随意 Certainty, time, manner, and quantity of tax on each individual must be certain

24、, and not arbitrary; (3) 纳税便利纳税便利 Convenience for contributors to pay; (4) 征税成本低征税成本低 Economy in collection 新添的原则新添的原则Recently added principles: (1)促进经济持续增长，增加储蓄和劳动积极性促进经济持续增长，增加储蓄和劳动积极性 Growth stimulating, incentives to work and save; (2)促进社会福利水平提高促进社会福利水平提高 Welfare improving; (3)提供足够的税收提供足够的税收Reve

25、nue sufficiency II.2 世界范围的税制改革世界范围的税制改革 Tax Reforms in the World 过去过去30年世界年世界 税改的目标税改的目标Objectives of tax reforms： 促进经济增长，增加储蓄和资本积累，刺激劳动积极性，促进社会福利提高促进经济增长，增加储蓄和资本积累，刺激劳动积极性，促进社会福利提高 资本积累是提高增值率和福利的关键资本积累是提高增值率和福利的关键 Capital accumulation is important for economic growth, wage increasing, and welfare i

26、mproving; 哈罗德-多马模型：产出增长率 =储蓄率/资本与产量的比率 In the Harrod-Domar model, growth rate depends on the savings rate; 索罗模型：高储蓄率带来非稳态下的经济增长和稳态情况下的高人均收入In Solows growth model, higher savings will lead to higher steady-state income, lead to growth in the transitional period, although not in the steady state; 新内生增

27、长模型：储蓄带来长期经济增长In the endogenous growth model, savings and investment are positive related to growth; 所有的经验分析都证实投资与经济增长正相关 Empirical studies have shown investment is positively related to growth. 欧美储蓄率低欧美储蓄率低 capital accumulation is related to savings, and the savings rate in the US and other industr

28、ialized countries have been low. 经济学家税改建议经济学家税改建议 Suggestions on tax reforms: 降低资本税降低资本税 Reducing the tax rate on capital Diamond (1970), 资本税降低工资和个人的效用an increase in the capital tax rate decreases the real wage rate and lower an individuals utility. Chamley (1981, 1986) and Judd (1985)，最优资本应该是零 show

29、 that the welfare-maximizing capital income tax should be zero in the steady state. Lucas (1990)，根本不应该对资本征税 argues that capital should not be taxed at all. “When I left graduate school, in 1963, I believed that the single most desirable change in the U.S. tax structure would be the taxation of capit

30、al gains as ordinary income. I now believe that neither capital gains nor any of the income from capital should be taxed at all. My earlier view was based on what I viewed as the best available economic analysis, but of course I think my current view is based on better analysis.” 用消费税代替所得税用消费税代替所得税

31、Replacing income tax by consumption tax Summers (1981), 消费税替代所得税会提高福利水平 a shift from capital taxation to consumption taxation would increase welfare substantially; Fullerton, Shoven, and Whalley (1983), Seidman (1989), Toder (1995), Hall (1996), and Hall and Rabushka (1996),消费税替 代所得税会增加资本积累an increa

32、se in consumption taxation along with a decrease in income taxes will lower the interest rate and increase capital accumulation; 欧盟和世界100多个国家实行消费型的增值税EU and more than 100 countries adopted consumption-type of VAT, a money machine for the government. 美国没有实行增值税，原因在于该税收不利于收入再分配 缩小税制累进性Reduce progressiv

33、ity of the income tax system; James Mirrlees (1971) 边际税率应该为非负，最高一档收入不 应征税 optimal nonlinear income tax, optimal marginal tax rate. -He showed that the marginal tax rate should be nonnegative and should be zero for the highest income individual Peter Diamond (1998),边际税率应该为U型 -Marginal tax rate is inv

34、ersed U shape Robert Hall and Rabushka (1985), 单一税率 The Flat Tax, -美国1981-1988降低最高一档收入的边际税率从70%到28% In Reagan reduced the highest marginal tax rate from 70% from 1981 to 28% in 1988; -俄国2000年实行单一税率Russia adopted flat income tax, 13%; Many Eastern European countries did the same -Many believe in the

35、21th century, income tax should be more flat Lower taxes and reduce the size of government King, Robert G. and Sergio Rebelo (1990), Barro (1991) 减少税收及缩小政府规模 经济学家一直建议 减税和减少政府支出，但是许多欧美国家 的政府只是减少税收，并没有减少开支，因此导致严重的 赤字和政府债务。 II.3 中国税收现状中国税收现状 Current State of Chinas Taxation 1994年新税制形成年新税制形成 中央税中央税 Cent

36、ral Government (1) 关税tariff, 消费税consumption tax (similar to excise tax in the U.S.), (2) 来自地方银行、外资银行和其他金融机构所得税income tax from local banks and foreign banks and other financial institutions, (3) 来自铁路金融机构总部的所得税income tax from railroad, headquarters banks, headquarters insurance companies (e.g., busine

37、ss tax, income tax, profit and urban construction and maintenance tax) (4) 车辆购置税 地税地税 Local Governments (1) 营业税 business tax (excluding business tax from rail road, headquarters banks, and headquarters insurance companies), (2) 城市土地税urban land tax, （3）固定资产投资调节税fixed investment direction adjustment t

38、ax, (4)城市建设维护税 urban construction and maintenance tax (excluding the tax from rail road, headquarters banks, and headquarters insurance companies), (5)房产税 housing tax, (6) 车船牌照vehicle license tax, (7)城镇土地使用税urban real estate tax, (8)车船使用税vehicle tax, (9)印花税stamp tax, (10)土地增值税land appreciation tax,

39、(11)耕地占用税 cultivated land occupation tax, and (12) 契税contract tax. 共享税共享税 Shared Taxes (1)增值税value-added tax (central 75%, local 25%), (2)企业所得税corporate income tax (including foreign firms, except railroad, banks, etc.): central 60%, local 40% (3)个人所得税 personal income tax(central 60%, local 40%), (4

40、) 资源税natural resource tax (only ocean oil resource tax belongs to the central government), (5) 印花税 stamp tax from stock exchange (central 94%, local 6%) 30年来中国税制经历了分权让利、利改税、分税制等重大改革，为促进经济发展年来中国税制经历了分权让利、利改税、分税制等重大改革，为促进经济发展 做出了贡献。做出了贡献。 税制改革的历程：税制改革的历程： A. Allow State Enterprises to Keep Some Profit

41、s (分权让利分权让利) 1979 B. Substitute Taxes for Profit (利改税利改税) 1983 C. The Contract Responsibility Tax System (包干制包干制) 1986 D. Tax plus Profit System (利税分流利税分流) 1989 1978, 政府收入占GDP 31%; 中央政府收入占 总收入 27% 1993, 12%; 22% E. Tax Sharing System and VAT Expansion (分税制及增值税扩大分税制及增值税扩大) 1994- F. Eliminate agricult

42、ural tax (取消农业税）取消农业税）2006 G. Merge corporate income tax for foreign 中央政府收入占 总收入 55% 中国财政收入增长迅速 2007年增长达到32% 2010年 21% The growth rate 32.4% in 2007 and 21.3% in 2010. 2011年上半年累计，全国财政收入56875.82亿元，比去年同期增加13526.03亿元， 增长31.2%。 其中，中央本级收入28918.62亿 元，同比增长27%； 地方本级收入27957.2亿元，同比增长35.9%。 财政收入中的税收收入50028.43亿

43、元，同比增长29.6%； 非税收入 6847.39亿元，同比增长44.5%。 增幅较高的主要原因： 1.经济增长带动税收增长，上半年，国内生产总值增长9.6%。 2.价格上涨带动以现价计算的相关税收增长，1-6月居民消费价格同比上涨5.4%， 工业生产者出 厂价格同比上涨7.0%，带动以现价计算的相关税收相应增加。 3.特殊增收因素，进口环节税收等部分上年末收入在今年初集中入库、上年企业 效益较好带动今 年汇算清缴去年企业所得税入库比较多。 4.政策性增收因素，按有关规定将原预算外资金纳入预算管理，带动非税收入大 幅增长，以及自2010年12月1日起 对外资企业征收城市维护建设税和教育费附加，

44、 相应增加一些收入。 政府实际财政收入及增长政府实际财政收入及增长 （1978年不变价格）年不变价格） Real Government Revenues at 1978 Constant Price and its Growth Rates (1978-2010) 预算外收入预算外收入 Extra-budgetary RevenueExtra-budgetary Revenue 包括各种收费和基金收入等。八、九十年代规模大，1985年占预算 收入的76%，1992年占111%。Extra budgetary revenue includes the fee and charges of loc

45、al governments and central government agencies. It was quite large in the late 1980s and the early 1990s. The ratio of extra-budgetary revenue to budgetary revenue was 76% in 1985 and reached 111% of budgetary revenues in 1992. 1994年税制改革后，这样政府不再依赖预算外收入，主要是地方政 府。中央比重1992年44%，2008年7%。After the 1994 ta

46、x reform, central government no longer relied on extra-budgetary revenues, and the share of central government in extra-budgetary revenue has significantly decreased. The central government share was 43.6% in 1992, down to only 8.7% in 2005 and 7.4% in 2008. Thus, extra-budgetary revenue is importan

47、t for local governments. 税制改革一直致力于减少预算外收入。预算外收入1995占预算收入 的39%，2008年占11%；预算外收入1995占GDP的4%，2008年占 2%。 Fiscal reforms have aimed at reducing the size of extra-budgetary revenues and expenditures. Extra-budgetary revenue accounted for 38.55% of budgetary revenue in 1995, and 10.79% in 2008. Extra-budget

48、ary revenue accounted for 4.12% of GDP in 1995, 3.02% in 2005, and 2.1% in 2008. 预算外收入情况 Year 年份 Table Extra-Budgetary Revenue (billion yuan) Share in GDP (%) 占GDP 比重 Share in Budgetary Revenue 占财政收 入比重(%) Total 预算外收入 总额 Administra- tive and Institutional Units行政事 业单位 Local Govts 地方政府 SOEs and Super

49、- visory Ministries 国企 Fund- raising of Township Govts乡镇 政府基金 Govern- ment Funds政 府基金 Others 其它 1987202.8835.844.46162.58 16.82 92.25 1988236.0843.894.89187.29 15.69 100.15 1989265.8850.075.44210.38 15.65 99.77 1990270.8657.706.06207.11 14.51 92.22 1991324.3369.706.88247.75 14.89 102.98 1992385.4988

50、.559.09287.86 14.32 110.67 1993143.25131.7811.47 4.05 32.94 1994186.25172.2514.00 3.86 35.69 1995240.65223.4917.17 3.96 38.55 1996389.33339.5822.47 27.29 5.47 52.56 1997282.60241.4311.59 29.58 3.58 32.67 1998308.23198.19 5.4733.7347.8423.003.65 31.21 1999338.52235.43 5.0135.8939.6522.543.77 29.58 20

51、00382.64265.45 5.9240.3338.3532.583.86 28.57 2001430.00309.00 6.0041.0038.0036.003.92 26.24 2002447.90323.80 7.2027.2037.6052.103.72 23.69 2003456.68333.57 5.2329.3128.7159.853.36 21.03 2004469.92320.84 6.4121.3135.1386.232.94 17.80 2005554.42385.82 4.7819.2935.93108.593.00 17.52 2006640.79421.68 4.

52、4922.1337.65154.842.96 16.53 2007682.03468.11 4.0218.03 191.892.5713.29 2008661.73483.58 4.7122.07 151.362.1110.79 2010 地方政府有非预算收入Local governments also have off-budget revenues (called “the Little Golden Box”), which is unlawful. 非预算收入估计占 预算收入的30-40%左右，或占GDP的4-5%左右 The size of the off-budget revenu

53、e is about 30-40% of local government revenue and about 4-5% of GDP. 取缔非预算收入是完全可能的，但这会限制地方政府的自由、挫伤 地方政府积极性 Eliminating the off-budget revenue is possible, but it will reduce local governments fiscal freedom. 非预算收入非预算收入 Off-budgetary Revenue 财政收入占GDP的比重Government revenue share in GDP 预算收入、预算外收入、社会保障贡

54、献 Budgetary Revenue, Extra-budgetary Revenue, Social Security Contribution 26% 加上非预算收入 Adding off-budgetary revenue 5% 总共 Total 31% 有关国家财政收入占有关国家财政收入占GDPGDP的比重的比重 Government Revenue Share in GDP of Selected Regions 国家国家CountryCountryYearYear年份年份%CountryCountryYearYear% 工业化国家工业化国家Asia Asia 亚洲亚洲 Japan

55、 日本200532.32Singapore Singapore 新加坡新加坡2005200519.919.9 United States 美国200633.99Hong Kong 香港200520.04 Australia 澳大利亚200636.26Thailand 泰国200621.95 Ireland 爱尔兰200637.12Vietnam 越南200425.07 Switzerland瑞士 200537.32Macau 澳门200625.42 Greece 希腊200639.53ChinaChina中国中国2008200831.031.0 Luxembourg 卢森堡200639.69M

56、alaysia 马来西亚200326.07 Spain 西班牙200640.4Bhutan 不丹200035.89 Canada 加拿大200641.67Mongolia 蒙古200338.73 UK英国 200641.93Maldives 马尔代夫200661.24 New Zealand 新西兰200642.31Europe (East)Europe (East)东欧东欧 Germany 德国200643.82Kyrgyz Republic 200622.04 Italy 意大利200645.62Kazakhstan 200622.38 France 法国200650.81Albania

57、200524.89 Denmark 丹麦200655.88Romania 200531.69 Sweden 瑞典200656.55Lithuania 200633.75 Norway 挪威200658.47Slovak Republic 200635.06 中国主要税种占总税收的比重中国主要税种占总税收的比重 Revenue Shares of Major Taxes in China (%) 2021-5-833 II.4 中国税制面临的挑战中国税制面临的挑战 Challenges for Chinas Tax System Ineffective in redistributing inc

58、ome 不能有效调节收入分配 High Tax Rates 税率过高 Shortage of local government revenue 地方政府财政收入不足 In effective in stimulating consumption 不能有效刺激消费 II.4.1 不能有效调节收入再分配不能有效调节收入再分配 Tax System Ineffective in Income redistribution 大部分税种不是累进税大部分税种不是累进税 增值税: 最大税种，税率17%，2008年占总税收33% 2009年后属于消费型，原来相当于单一所得税 营 业税：按营业额收, 税率6%，

59、2008年占总税收14% 企业会将税金加入成本，提高价格，消费者不论收入高低，付一样的价格 因此，增值税和营业税都是累退的 个人所得税：不考虑家庭负担,累进税率5%-45%, 占总税收不到7% Most taxes are not progressive VAT：Tax rate 17%, accounted for 29% of total tax revenue in 2010 Business Tax: Tax rate 6%, 15% Consumption tax 中国正在快速城市化，对公共基础设施和其它公共品的需求在增加 China is in the period of rapi

60、d urbanization, there is increasing demand for urban infrastructures and other public goods; 地方政府举债不足为奇 It is not surprised that local government has borrowed so much. 以美国为例 US: 1790-1842, 州政府投资多、举债多 State government was active in infrastructure investment, banks, canals, and other transportation im