China's Education Spending Topped USD450 Billion for First Time Last Year
Tang Shihua
/SOURCE : Yicai
China's Education Spending Topped USD450 Billion for First Time Last Year

(Yicai Global) Oct. 26 -- China's total expenditure on education last year was CNY3.889 trillion (USD585.6 billion), up 7.64 percent from a year earlier, with fiscal spending in the sector hitting almost CNY3.14 billion, passing the CNY3 trillion milestone for the first time after increasing by 7.44 percent, the Ministry of Education said online yesterday.

The country's fiscal expenditure on education during the period equated to around 4.22 percent of gross domestic product, marking the fifth straight year the figure has been above 4 percent, according to data from the education ministry, the Ministry of Finance and the National Bureau of Statistics.

In terms of overall public spending, money put into education made up 14.75 percent, edging up 0.05 point from a year earlier, the statement added.

The growth rate of per-capita spending on education was 8.14 percent for primary schools over the period, 10.83 percent for junior high, 13.81 percent for senior high, 11.56 percent for secondary vocational schools and 3.33 percent for colleges, the ministry said.

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Keywords: Educational Spending , Gross Domestic Product , GDP , Ministry of Education