China, Communism

Taylor Abshagen

China

Communism

China’s top individual income tax rate is 45 percent, and its top corporate tax rate is 25 percent. Other taxes include a value-added tax and a real estate tax. The total tax burden equaled 19.4 percent of gross domestic product in the most recent year. Total government expenses account for 24.8 percent of domestic output, and public debt equals 22 percent of GDP. Regulatory reform has progressed gradually and unevenly. Incorporating a business takes 11 procedures and about a month. The government provides large fossil fuel and electricity subsidies and also funds significant agricultural subsidies. China’s average tariff rate is 4.1 percent. China’s average tariff rate is 4.1 percent.

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