China's Financial Deficit Under the International-Recognized Safety Line

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Last updated at: (Beijing Time) Tuesday, November 19, 2002

China's Financial Deficit Under the International-Recognized Safety Line

Minister of Finance Xiang Huaicheng pointed out at the luncheon by HK General Chamber of Commerce for Distinguished Speakers on November 18 that China's financial deficit and liabilities balance make up a respective 2.7 percent and 16.3 percent of the nation's GDP, both under the international-recognized safety line and within the nation's solvent capacity.

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Minister of Finance Xiang Huaicheng went to Hong Kong to attend the ongoing World Congress of Accountants. At the luncheon by HK General Chamber of Commerce for Distinguished Speakers on November 18, he pointed out that China's financial deficit and liabilities balance make up a respective 2.7 percent and 16.3 percent of the nation's GDP, both under the international-recognized safety line. From a perspective of China's current overall economic strength, they are within the nation's solvent capacity.

Mr. Xiang Huaicheng said that the Chinese government attaches, as always, great importance to the financial and economic sustainable development, by paying close attention to changes of related indices, and has taken precautionary measures against financial risks. With the economy to grow in scope day by day, the improvement of economic development quality as well as the deepening of tax system reform, he believed, the nation's solvent capability in paying off the debts is sure to see a growing enhancement.

Mr. Xiang also noted that the implementation of proactive financial policy complementing with stable monetary policy has effectively withstood the assault of Asian financial crisis, giving a vigorous spur to the domestic demand and promoting the economy to grow in a sustainable and speedy way. The implementation of proactive financial policy has not only played a significant role in the current economic development, but is also conducive to the fulfillment of China's long-term economic development goal. In view of the changes in economy both domestically and worldwide, he added, the Chinese government will continue to practice a proactive financial policy, in an effort to boost the economy for a sustainable growth. Meanwhile, the central government will establish a rational and standardized tax system in the light of China's WTO entry.

By PD Online Staff Zhu Lizhen

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