1 Macroeconomic Performances in 2014
1.1 Production ActMties in 2014
1.1.1 While the economy entered a stage of relatively slow growth，priorities were given to adjust the economic structure and improve the quality and efficiency of development.
1.1.2 Thougb capital formation remained the largest item in expenditurebased GDP，the percentage of final consumption and its contribution to GDP growth went up steadily.
1.1.3 Among all the three industries，the tertiary industry have the highest increases in both absolute values and ratio，which are faster than those of the secondary industry for the second time.
1.1.4 As the growth of values added by industrial enterprises slowed down on the whole and operational performances of enterprises dropped dramaticall.y，the Chinese economy was confronted with remarkable downward pressures.
1.1.5 The purchaser price index（PPI）maintained negative，resulting in low inflationary pressures.
1.1.6 The purchasing managers index（PMI）rose up slightly in the first half of the year，but descended in the second balf.
1.1.7 The macro—economic climate index climbed up slowly in the first had of the year，but declined at an accelerated pace in the second half.
1.2 Income Distributions in 2014
1.2.1 While year—on—year income growths of urban and rural residents slowed down，income growth rate of rural residents was higher than
that of urban residents，but the income gap between urban and rural
residents was further expanded.
1.2.2 Though China's Gini coefficient has been retreating gradually since
the historical peak in 2008，the index remained at a relatively high
levelin 2014 and the income gap was huge.
1.2.3 Rural and urban residents were significantly different in terms of
income structure and income changes.
1.2.4 Total employment kept rising，but pressures of total employment and structural imbalance remained serious.
1.2.5 Though governments' fiscal revenue grew up steadily，its growth rate continued to decline and tax revenue remained the major source of fiscal revenue.
1.3 Consumption in 2014
1.3.1 The total retail sales of consumer goods sustained fast growth，yet continued to slow down from the previous year.
1.3.2 The consumer price index（CPI）slowed down in growth.
1.3.3 The Engel' s coefficient of urban residents sustained at about 35.5%，and that of rural residents remained low，yet higher than that of urhan residents.
1.3.4 Per capita consumption expenditure of urban and rural residents maintained growth，but the growth rate of urloan residents was higher than tbat of rural residents，and the consumption expenditure structures of urhan and rural households were different.
1.3.5 Fiscal expenditure increased in total，with its structure further optimized.
1.4 Economic Accumulations in 2014
1.4.1 Totalinvestment in fixed assets maintained high growth，yet furtherdecelerated.
1.4.2 Growth rates of investment in the three industries were on the decline，while that in the tertiary industry continued to exceed the secondary industry.
1.4.3 Though lower than last year，the growth rate of private investment
was higher than that of total investment，vet showed a trend of slowdown.
1.4.4 Differences existed between different regions，enterprise types and owners of fixed—asset investment projects.
1.4.5 The overall stock market expanded in size，featured with sounddevelopment.
1.4.6 Money supply increased steadily，and the monetary policy giving priority to structural adjustment was implemented.
1.4.7 All—system financing aggregate steadily increased，with a diversified financing structure.
1.5 China's International Tradesin 2014
1.5.1 China's international trade maintained a steady growth，yet declined slightly in growth rate.
1.5.2 China's foreign trade returned to traditional markets，with its iniernal structure in term of regions and industries further optimized.
1.5.3 Total value of service trade rose up rapidly，yet continued to end up with a deficit.
1.5.4 roreign capital actually utilized in Cluna achieved a steady growth in scale，mainly due to contributions by foreign—funded enterprises.
1.5.5 Foreign investment actually utilized in services maintained a rapid growth，with its growth rates in central and western regions higher than that in eastern region.
1.5.6 China' s two—way investment was close to even for the first time，and cross—border merges and acquisitions were increasingly diversified.
1.6 Macroeconomic Trends for 2015
1.6.1 As the Chinese economy is experiencing a structural slowdown，the forecast for CDP growth is reduced to 7%
1.6.2 Consumption shall maintain stable growth，investment shall slow down steadily in growtb，and China' s imports and exports shall continue a low growth
1.6.3 An easy monetary policy will be implemented to flourish the capital market
1.6.4 The glohal economy shall maintain slow growth，hut trade protectionism will be further intensified
1.6.5 The mixed ownership reform implemented by state—owned enterprises will help advance economic growtb and promote vitality of state—owned enterprises
1.6.6 The economic sLructure will be further adjusted，and the "Internet + " mode will boost economic transformation and upgrading


2 China's Fiscal Revenuein 2014
2.1 Review of Final Accounts of Fiscal Reve—nue in 2013
2.1.1 Final accounts of fiscal revenue in 2013
2.1.2 Characteristics of fiscal revenue in 2013
2.2 China's Aggregate Revenuein 2014
2.2.1 Budgets for fiscal revenue in 2014
2.2.2 Implementation of fiscal revenue in 2014
2.2.3 General Trends for Fiscal Revenue in 2014
2.3 Structure of China's Fiscal Revenue in 2014
2.3.1 Monthly structure of fiscal revenue
2.3.2 Analysis of fiscal revenue by provinces
2.3.3 Analysis of fiscal revenue by categories and items
2.4 Treasury Bonds Issued in 2014
2.4.1 Size of China's Treasury Bonds in 2014
2.4.2 Structure of outstanding treasury bonds in 2014
2.4.3 Types of treasury bonds issued in 2014
2.4.4 Terms of treasury bonds issued in 2014
2.4.5 Interest rates of treasury bonds issued in 2014
2.4.6 Local government honds issued in 2014
2.5 Outlook for Fiscal Revenue in 2015
2.5.1 Conclusions on Fiscal Revenue in 2014
2.5.2 Outlook for Fiscal Revenue in 2015


3 Fiscal Expenditure in 2014
3.1 Review on Final Accounts of Fiscal Expenditure in 2013
3.1.1 Final accounts of fiscal expenditure
3.1.2 Final accounts of expendimre from govemment—managed funds
3.1.3 Final accounts of expenditure from state capital operations
3.1.4 Final accounts of social security funds
3.2 Budgets for fiscal expenditure in 2014
3.2.1 Budgets for fiscal expenditure
3.2.2 Budgets for expenditure from government—managed funds
3.2.3 Budgets for expenditure on state capital operations
3.2.4 Budgets for social security funds
3.3 Scale of fiscal expendifure in 2014
3.3.1 Fulfilment of public finance hudgets
3.3.2 Analysis on relationship between fiscal expenditure and revenue
3.3.3 Analysis on relationship between fiscal expenditure and GDP
3.4 Structure of fiscal expenditure in 2014
3.4.1 Structure of fiscal expenditure by months
3.4.2 Structure of fiscal expenditure hy items
3.4.3 Structure of fiscal expenditure by governments at different levels
3.5 Analysis on Major Items of Fiscal Expendifure in 2014
3.5.1 Spending on education
3.5.2 Spending on social security and employment
3.5.3 Spending on medical and health care
3.5.4 Spending on guaranteeing housing
3.5.5 Spending on culture，sports，and media
3.5.6 Fiscal expenditureto support agriculture
3.5.7 Spending on agriculture，forestry，and water conservancy
3.5.8 Spending on energy conservation and environmental protection
3.5.9 Spending on national defense
3.6 Conclusions and Outlooks on Fiscal Expenditure
3.6.1 Conclusions on fiscal expenditure in 2014
3.6.2 Outlooks for fiscal expenditure in 2015
……


4 Econometric Analysis of China's Public Finance