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Canada opposes punitive tax on banks: Canadian Minister Paradis

06-23-2010 12:11 BJT

BEIJING, June 22 (Xinhua) -- Canadian Minister for Natural Resources Christian Paradis said here Tuesday Canada opposes punitive taxation of the financial sector at the international level.

"Canada's performance during the financial crisis clearly demonstrates that such a tax is not necessary, and will only reduce the flow of credit and encourage excessive risk taking," Paradis told at a press conference.

As Germany and the United States have voiced willingness to levy a bank tax, Canada apparently is in the minority of developed nations.

Paradis said in addition to fiscal consolidation and financial sector reform, the world expects the G20 leaders to make headway on promoting trade and investment and fighting protectionism.

He stressed Canada will keep its economy open to investment from around the world while resisting protectionism and working to eliminate trade barriers.

"As a trade oriented country, Canada fully understands what open markets mean for long-term prosperity, and we have done our part to make that happen," he added.

Canada has unilaterally eliminated tariffs on manufacturing machinery imports and is on track to be the first G20 nation to a tariff-free zone for manufacturers, he noted.

With respect to its economic stimulus policy, Paradis said it will be eventually phased out.

"In the meantime, we are creating a climate that will attract investment and boost our economy," he said.

Editor:Du Xiaodan |Source: Xinhua

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