Kyodo News Agency reported that the Japanese government related to the budget in 21 cabinet committees and cabinet meetings to report on the long-term economic and fiscal estimates. It is estimated that by 2020, based on the Japanese central and local revenues and expenditures will occur about 23.2 trillion yen (about 1.8399 trillion yuan) of the deficit, estimated in June last year, when compared with an increase of about 1.5 trillion yen. The Government has set a goal and strive to previous 2020 earnings, sources of income to a consumption tax to make up the gap, consumption tax need to increase 9%.
the results to the growth rate of nominal GDP in 2020 calculated on the basis of 1.5%, and reflected in the annual budget and tax system of 11 revised outline. As expected, while corporate income tax cut pensions, health care and other social security will be further increased, the deficit increased. It can be said from achieving the goal of financially sound gradually slipped away.
the Japanese government at a cabinet meeting last June on the financial operations through the proposed strategy, based on 15 years to achieve financial balance of payments deficit and nominal gross domestic product (GDP) ratio, compared with 10 years halved, to 20 years to achieve financial surplus.
According to the estimates based on expected revenue and expenditure of 10-year deficit-GDP ratio of 6.5% in 2009 compared to 7.8% improvement. However, 15 and 20 years were 4.2% of the rate, and no significant decline.
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