China's government revenue is likely to grow at less than 10 percent in 2013, as slow economic growth will last for 10 years or longer.

Li Yang, deputy head of the Chinese Academy of Social Sciences, made the observation at a recent economic forum in Beijing.

The growth slowdown is in contrast to the 10 to 20 percent growth of recent years, Li said.

Fiscal expenditures are likely to increase rather than drop significantly, he said.

China must reform its financial system if urbanization is taken as a major powerhouse for future economic growth. The reform includes boosting capital markets to provide investments, especially equity capital investment for urbanization, Li said.

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