Reforms in states
The first generation of fiscal reforms in the states started with the enactment of Fiscal Responsibility and Budget Management Acts (FRBMA) between 2006 and 2010 at the prodding of the 12th Finance Commission.
Chinese economy was estimated to have grown about 6.7 per cent in 2016, the country's top economic planner said on Tuesday.
The world's second largest economy registered the same growth rate in the first, second and third quarters last year, Xinhua news agency quoted Xu Shaoshi, director of the National Development and Reform Commission, as saying.
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Consumption accounted for 71 per cent of growth in 2016 — up 13 percentage points.
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He said the economy would exceed 70 trillion Yuan ($10.1 trillion), and the growth was remarkable among major economies.
Citing a report by the International Monetary Fund, Xu said China had contributed 1.2 percentage points or over 30 per cent of the world's economic growth in 2016.
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