Expanding coffers

Even as many global leaders get busy trimming national debt for fiscal sustainability, Chinese policymakers have yet to reallocate to the public a larger share of its soaring fiscal revenues.

In the first five months of this year, the government's fiscal revenues jumped by 30.8 percent year on year to 3.55 trillion yuan, dwarfing the country's 11.9-percent growth in gross domestic product (GDP) during the first quarter.

Admittedly, deeper pockets offer a thicker cushion during times of national crisis. But fiscal responsibility is not all about stashing away tax revenues to peg down budget deficits. For a fast-growing developing country like China, it is far more important to funnel a large proportion of government expenditure into public welfare programs.