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Part 5: Premier Wen on private investment

03-14-2012 21:44 BJT

Premier Wen Jiabao said, "We should allow non-government investment into finance and turn private financial activities into open and standardized activities. Also, we will encourage their development, while at the same time, putting them under strict supervision. The People’s Bank of China and the China Banking Regulatory Commission are now considering to launch an overall reform in this particular field. Wenzhou will be one of the pilot areas for this reform."

Q1. Let’s take clothing manufacturing for instance. Because foreign demand has dropped, some companies are turning to the domestic market. But there are risks to this. Export companies benefit from a number of favorable policies, something not always available to companies selling to the domestic market. If China is to help SMEs and also boost domestic consumption, should this be changed? And if so, how?

Q2. Taxes are a heavy burden for SMEs and tax evasion is also a problem. New fiscal policies were announced this year, in a move applauded by entrepreneurs. So are tax cuts desperately needed? And should local tax bureaus rely so heavily on SMEs?

Q3. There are already a number of measures in place to help SMEs. But business owners say they don’t yet feel the impact of these measures. For many, it’s really hard to meet the conditions set by the government. So, why have some of the government’s measures failed to tackle the real issue? And how to bring back faith in the government?

Editor:James |Source: CNTV

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