China is likely to spend more than 3 percent of its gross
domestic product (GDP) for the development of education in 2007,
Finance Minister Jin Renqing said on Friday.
"China's financial expenditure on education in 2007 is likely to
exceed 3 percent of its GDP, and the Finance Ministry will work to
hit this target along with the growth of the country's financial
strength," Jin told a press conference on the sidelines of the
parliament's annual session.
China's GDP last year jumped 10.7 percent to 20.94 trillion
yuan, and the growth rate is projected to be about 8 percent this
year, Premier Wen Jiabao said in his government work report at the
opening of the session on Monday.
Last year, China spent 475,27 billion yuan on education.
Jin said China's annual financial expenditure accounts for 15
percent of its total financial investment in average, which is
close to the international level.
But the country's total financial expenditure only accounts for
19 percent of its GDP, which is far less than that of the developed
countries, he said.
"As China's total financial expenditure increases, the
percentage of educational expenditure will also grow," Jin told
reporters.
(Xinhua News Agency March 9, 2007)