財產性收入 Property Income

Earnings from bank deposits, securities, houses and other personal or family properties.

In his report to the 17th National Congress of the Communist Party of China in 2007, General Secretary Hu Jintao stressed, for the first time, that conditions should be created to enable citizens to earn income from their property. Hu’s remarks sent the message that China would advance the development of its capital market, enabling investors to share the economic boom.

Figures from the National Bureau of Statistics showed that per capita property income in China averaged 240 yuan in 2006, or about 2 percent of people’s total income, while 70 percent of people’s average income came from salaries and 28 percent from pensions, subsidies and other benefits.

“三步走”戰略 Three-Step Development Strategy

A plan for boosting the economy by hitting three major targets over three different time spans.

Originally floated by the central government in 1987, the first step was to double the GDP of 1980 by 1990 and to ensure that most of the population had enough food and clothing. The second step was to double the annual GDP of 1990 by 2000 and ensure that most people were living prosperous lives. The third step is to quadruple the GDP of 2000 by 2020, ensure that most people are living well-off lives and have a fully operational market economy in China.

The first two steps have been taken . At the 17th National Congress of the Communist Party of China in December 2007, the third step was revised to quadrupling the per capita GDP of 2000 by 2020.

金稅工程 Golden Tax Project

The establishment of a uniform computer network across the country through which taxation authorities at all levels can better serve taxpayers.

Started in 1994, the project aims to improve the transparency and efficiency of tax collection and supervision. By turning invoices, one of the most important taxation documents, into electronic data, it facilitates both taxpayers and taxation authorities.

The project’s first two stages were completed in 2000 and 2003 respectively. The third stage, begun last year, will cover almost all matters of taxation.