1 Macroeconomic Performances in 20141.1 Production ActMties in 20141.1.1 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 20141.2.1 While year��on��year income growths of urban and rural residents slowed down��income growth rate of rural residents was higher thanthat of urban residents��but the income gap between urban and ruralresidents was further expanded.1.2.2 Though China's Gini coefficient has been retreating gradually sincethe historical peak in 2008��the index remained at a relatively highlevelin 2014 and the income gap was huge.1.2.3 Rural and urban residents were significantly different in terms ofincome 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 20141.3.1 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 20141.4.1 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 investmentwas 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 20141.5.1 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 20151.6.1 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 growth1.6.3 An easy monetary policy will be implemented to flourish the capital market1.6.4 The glohal economy shall maintain slow growth��hut trade protectionism will be further intensified1.6.5 The mixed ownership reform implemented by state��owned enterprises will help advance economic growtb and promote vitality of state��owned enterprises1.6.6 The economic sLructure will be further adjusted��and the "Internet + " mode will boost economic transformation and upgrading2 China's Fiscal Revenuein 20142.1 Review of Final Accounts of Fiscal Reve��nue in 20132.1.1 Final accounts of fiscal revenue in 20132.1.2 Characteristics of fiscal revenue in 20132.2 China's Aggregate Revenuein 20142.2.1 Budgets for fiscal revenue in 20142.2.2 Implementation of fiscal revenue in 20142.2.3 General Trends for Fiscal Revenue in 20142.3 Structure of China's Fiscal Revenue in 20142.3.1 Monthly structure of fiscal revenue2.3.2 Analysis of fiscal revenue by provinces2.3.3 Analysis of fiscal revenue by categories and items2.4 Treasury Bonds Issued in 20142.4.1 Size of China's Treasury Bonds in 20142.4.2 Structure of outstanding treasury bonds in 20142.4.3 Types of treasury bonds issued in 20142.4.4 Terms of treasury bonds issued in 20142.4.5 Interest rates of treasury bonds issued in 20142.4.6 Local government honds issued in 20142.5 Outlook for Fiscal Revenue in 20152.5.1 Conclusions on Fiscal Revenue in 20142.5.2 Outlook for Fiscal Revenue in 20153 Fiscal Expenditure in 20143.1 Review on Final Accounts of Fiscal Expenditure in 20133.1.1 Final accounts of fiscal expenditure3.1.2 Final accounts of expendimre from govemment��managed funds3.1.3 Final accounts of expenditure from state capital operations3.1.4 Final accounts of social security funds3.2 Budgets for fiscal expenditure in 20143.2.1 Budgets for fiscal expenditure3.2.2 Budgets for expenditure from government��managed funds3.2.3 Budgets for expenditure on state capital operations3.2.4 Budgets for social security funds3.3 Scale of fiscal expendifure in 20143.3.1 Fulfilment of public finance hudgets3.3.2 Analysis on relationship between fiscal expenditure and revenue3.3.3 Analysis on relationship between fiscal expenditure and GDP3.4 Structure of fiscal expenditure in 20143.4.1 Structure of fiscal expenditure by months3.4.2 Structure of fiscal expenditure hy items3.4.3 Structure of fiscal expenditure by governments at different levels3.5 Analysis on Major Items of Fiscal Expendifure in 20143.5.1 Spending on education3.5.2 Spending on social security and employment3.5.3 Spending on medical and health care3.5.4 Spending on guaranteeing housing3.5.5 Spending on culture��sports��and media3.5.6 Fiscal expenditureto support agriculture3.5.7 Spending on agriculture��forestry��and water conservancy3.5.8 Spending on energy conservation and environmental protection3.5.9 Spending on national defense3.6 Conclusions and Outlooks on Fiscal Expenditure3.6.1 Conclusions on fiscal expenditure in 20143.6.2 Outlooks for fiscal expenditure in 2015����4 Econometric Analysis of China's Public Finance