日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Policies

Fiscal moves aid high-end development

By CHEN JIA | China Daily | Updated: 2021-05-07 07:42
Share
Share - WeChat
A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa]

China will actively provide support for key strategic tasks, says minister

China will accelerate the setting up of a modern fiscal and tax system to help safeguard fiscal support for the country's major strategic tasks and improve the well-being of the people, in a bid to bolster high-quality development, Finance Minister Liu Kun said in a published article on Thursday.

In an article in the Economic Daily, the minister said key measures being planned include safeguarding more expenditure for various undertakings in improving people's well-being, and optimizing the tax collection management system in the country.

China's tax income-to-GDP ratio declined to 15.2 percent last year from 17.5 percent in 2016, which indicated a relatively lower level of macro tax burden compared with other countries. The general tax level should remain stable to consolidate support for economic development, he said.

Promoting sustainable and deepened fiscal and tax reforms has already been identified as a key priority in China's 14th Five-Year Plan period (2021-25) to ensure and enhance high-quality development.

Liu's article indicated that the central government will retain the rights of unified legislation and tax collection, while provincial-level governments may get some leeway in tax administration through legislation and delegation.

The government will "actively and steadily promote the legislation and reform of property tax", said Liu, adding that it would improve the tax system of local governments and help cultivate local tax sources.

Li Yang, chairman of the National Institution for Finance and Development at the Chinese Academy of Social Sciences, said in a recent interview that Chinese regulators are looking at the possibility of a property tax, which could be administered by local governments. The tax income will help local authorities to deal with debt issues.

Another measure is reform of the consumption tax collection method to further expand income sources for local governments, said the finance minister.

Liu highlighted the need to prevent and defuse fiscal risks, stressing that local governments should efficiently use funds raised via special bonds and prevent increases in implicit debt, or the contingent liabilities.

Local governments are not allowed to increase implicit debt in any form. They are never allowed to set up new projects by adding implicit debt, said Liu. For the existing part, he called for a gradual reduction of debt via measures in coordination with financial institutions, and to take market-oriented steps to deal with defaults and prevent systemic risks.

"As long as the economic recovery is on track with no abrupt market movements leading to systematic risk and financial instability, we believe the debt cleanup and credit tightening will continue going forward, at least at the local government level," said Wang Shengzu, co-head of Investment Strategy Group Asia of Goldman Sachs Consumer and Wealth Management Division.

Wang expects local government bond issuances to be lower this year, due to the expected fiscal consolidation. He said the issuances may peak this month.

The finance minister also called for better utilization of the fiscal measures to shore up macroeconomic adjustments. Fiscal policies should strengthen countercyclical adjustments and coordinate with cross-cycle plans to maintain economic growth within a reasonable range. The available fiscal tools include fiscal deficit ratio, government bond issuances, and tax and fee policies.

Policy measures are going to be more targeted, forward-looking and flexible, Liu said, with improved management and guidance of expectations. The finance ministry will regularly issue reports on implementations of the fiscal policy.

With an eye on cultivating a sound external economic environment, China will deepen financial and economic exchanges and cooperation with major economies and international organizations, strengthen the coordination of international macroeconomic policies, and promote the improvement of global and regional economic governance, the minister said.

Fiscal funds will also be used to subsidize the country's vaccination drive so that more Chinese residents can get free COVID-19 vaccines, said Liu.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 国产网曝在线观看视频 | 一区高清 | 天天摸天天碰天天碰 | 久久色网 | 亚洲视频观看 | 日本高清免费网站 | 亚洲国产区 | 四月婷婷七月婷婷综合 | 欧美日韩中字 | 午夜免费福利视频 | 色片免费在线观看 | av中文字幕在线 | 国产熟妇久久777777 | 久久精品国产一区二区电影 | 婷婷久久五月天 | 亚洲日韩中文字幕一区 | 亚洲一区二区三 | 国产福利免费在线观看 | 精品欧美一区二区在线观看 | 久久综合久色欧美综合狠狠 | 99久久精品费精品国产一区二 | 黑色丝袜美女被视频网站 | 996热在线视频 | 激情视频免费在线观看 | 成人精品一区久久久久 | 视频一区二区三区免费观看 | 国产欧美日韩在线观看 | 97风流梦电影 | 成人午夜电影在线播放网站 | 国产精品1区2区 | 久久视频这里只精品99 | 亚洲一区国产 | 亚洲第一网站 | 嫩草影院在线看 | 欧美日韩在线一区二区三区 | 色偷偷亚洲男人 | 星际迷航4 | 欧美精品一区在线 | a在线免费观看 | 亚洲AV在线无码播放毛片浪潮 | 波多野结衣免费视频观看 |