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Detailed measures of income distribution to be announced

10-29-2013 09:46 BJT

China is working on a plan to battle the country’s wealth disparity insiders say, concrete measures are expected to be rolled out after the Party’s Plenary meeting in November. The measures will focus on primary income re-distribution and raising wages for low income earners.

The government is also ready to rein in the earnings of China’s billion-dollar state-owned enterprises. Authorities released a guidance on reforms earlier this year, suggesting raising the SOEs’ dividend payout rate to the government by 5 percent by 2015 and inject the money into social security.

The guidance states that the government will implement reforms in the financial and tax sectors as well, but inheritance tax, however, will not be introduced due to the lack of income transparency among Chinese families.

 

Editor:James |Source: CCTV.com

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