China says its expenditure on education rose over 70 percent year on year in 2007, but the country still failed to reach its target of spending 4 percent of its GDP on education.

The Ministry of Education and Finance and the National Bureau of Statistics say the 76 percent increase in the central budget largely surpassed the 28 percent growth rate of the country's regular revenues in 2007.

Professor Wang Yongjun from the Beijing-based Central University of Finance and Economics says the high growth rate of the country's educational expenditure is inspirational.

"The growth rate of educational expenditure is about seven times our GDP growth. It's very rare in the world."

Although the educational expenditure was very high in 2007, it only accounted for three and a third of a percent of China's GDP, lower than the government's goal of 4 percent.

Wang Yong Jun says 4 percent is the average rate that developing countries spend on education and that developed nations always spend more than this amount.

The professor adds China's goal of spending 4 percent of its GDP on education is not excessive for the country.

"China's economic development is much better than other countries, especially other developing countries. After so many years of high-speed growth, we have got sufficient financial and economic strength to meet the goal of spending 4 percent of GDP on education."