China is likely to spend more than 3 percent of its gross domestic product (GDP) for the development of education in 2007, Finance Minister Jin Renqing said in Beijing on Friday.

"China's financial expenditure on education in 2007 is likely to exceed 3 percent of its GDP, and the Finance Ministry will work to hit this target along with the growth of the country's financial strength," Jin told a press conference on the sidelines of the parliament's annual session.

China's GDP last year jumped 10.7 percent to 20.94 trillion yuan, and the growth rate is projected to be about 8 percent this year, Premier Wen Jiabao said in his government work report at the opening of the session on Monday.

Last year, China spent 475,27 billion yuan on education.

Jin said China's annual financial expenditure accounts for 15 percent of its total financial investment in average, which is close to the international level.

But the country's total financial expenditure only accounts for 19 percent of its GDP, which is far less than that of the developed countries, he said.

"As China's total financial expenditure increases, the percentage of educational expenditure will also grow," Jin told reporters.

(Xinhua News Agency March 9, 2007)