WTO Brings Opportunities for Fiscal Reform: Official

Home>>Business

Last updated at: (Beijing Time) Monday, March 25, 2002

WTO Brings Opportunities for Fiscal Reform: Official

DISCUSSION

CHINESE

SEND TO FRIEND

China's entry into the World Trade Organization (WTO) will enable the continuous and stable growth of the national fiscal income and also offers opportunities to reform the finance and taxation system, said Lou Jiwei, vice minister of finance, Sunday morning.

The economic impact of China's WTO entry would reflect on the national fiscal income and expenditure, but in the long view, the accession would help to accelerate China's reform and opening-up process and promote the long-term and stable growth of China's economy.

Various measures to further fiscal reform

Speaking at the 2002 annual meeting of the China Development Forum, which opened Sunday morning, Lou pledged that China would seize opportunities to adjust its financial and taxation policies, further fiscal reform and strengthen fiscal administration to promote the sustainable development of its economy and fiscal affairs.

China would continue to modify its fiscal and tax laws and regulations to harmonize them with the WTO rules. New laws in this regard would also be established to standardize administrative examination and ratification functions, according to Lou.

The Ministry of Finance would publish all future policies and regulations to enhance the transparency of fiscal work, which was required by international practice, Lou said. China would also re- examine and regulate the existing financial preferential and subsidy policies, he added.

Gradual reduction in tariffs was an important commitment by China to the WTO. China had been reducing tariffs on some 5,300 taxation items since the start of the year, and had established four different tax rates, according to Lou, who stressed that by 2005, China's tariff level would have been reduced to 10 percent of the current level as promised.

China's Entry into the WTO

China's entry to the WTO is a major event for the country, and the world as a whole.

Governments, business circles and social organizations all over the world have sent congratulatory messages to China's Ministry of Foreign Trade and Economic Cooperation, saying that China's entry will benefit its national economy, as well as encourage global economic growth and the improvement of the multilateral trade system.

Full Coverage: China Embraces WTO

Photo Feature: China's Entry into the WTO

Questions?Comments? Click here

China'a WTO Entry Likely to Raise Tax Revenues

Proactive Fiscal Policy to Continue: Minister

Minister Hails Results of Proactive Fiscal Policy

>> Full Coverage