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Finance Minister: Reforms underway, more to come

03-06-2014 20:39 BJT Special Report: 2014 NPC & CPPCC Sessions |

MM: China will continue to push forward with fiscal and tax policy reforms in 2014. Finance Minister, Lou Jiwei told reporters the ministry will deepen reforms of its fiscal budget mechanism. The Finance Minister also said China will strengthen the supervision of preferential tax policies.

Wider and deeper budget and tax reforms promised by the world’s second largest economy.

Finance Minister Lou Jiwei, says various measures will be adopted, to boost reforms of budget and tax mechanisms.

He outlined some key areas.

Chinese Finance Minister Lou Jiwei said, "We will make China’s budget system more transparent. We’ll continue our taxation mechanism reforms. In particular we’ll push ahead with China’s value-added tax reforms. We’re also working on new legislation for resources, environmental and property taxes. And we’re planning to make a proper adjustment on the scale and rate of China’s consumption taxes."

China has unveiled plans for a larger budget deficit in 2014, as it tries to meet rising expectations for improved social services, and tackling environmental problems.

The government budget deficit is projected to rise by 12.5 percent to 1.35 trillion yuan or 220 billion U.S. dollars.

Spending is set to be 15.3 trillion yuan, while revenues are 13.95 trillion yuan.

Lou Jiwei stressed that China will maintain its current proactive fiscal approach in 2014.

"China’s budget deficit has increased by 100 billion yuan at the central government, and by 50 billion at local government level. But in terms of percentage of GDP, it remains the same, at 2.1 percent. So our spending has increased properly and our fiscal policies remain proactive," Lou said.

Lou Jiwei also called for more comprehensive understanding on the country’s growth target this year instead of merely fixating on the 7.5-percent figure.

GDP growth, inflation and employment are all key factors that should be taken into consideration when assessing economic conditions.

The minister says China will continue to pursue income tax reforms in order to boost living standards and rebalance the growing wealth gap.

 

Editor:James |Source: CCTV.com

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