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Raising export tax rebates does not affect national financial strength
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16:39, June 09, 2009

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Intensive tax rebates facilitate exports, restructuring

Backgrounder: China increases export rebate for 7 times in 10 months

China's continuous measures of raising export tax rebates to maintain exports will lead to decreased fiscal revenue, but national financial resources have sufficient backup for this.

Statistics released by the Ministry of Finance show that the nation's fiscal revenue from January to April totaled 2.05392 trillion yuan, down by 225.702 billion yuan or 9.9 percent year-on-year.

Gao Peiyong, Deputy Director of the Institute of Finance and Trade Economics at the Chinese Academy of Social Sciences, said what the proactive fiscal policy implements this time is "all-around" expansion. Not only are there the traditional measures to increase fiscal expenditures, but also there will be new approaches for structural tax cuts.

He said carrying out structural tax cuts and raising export tax rebates will definitely lead to corresponding decreases in fiscal revenue. But such difficulty of an imbalance in financial revenue and expenditure is merely temporary and will not affect the nation's overall financial strength.

To ensure the implementation of each key fiscal expense, the nation has planned a budget deficit of 950 billion yuan and a corresponding size of national debt issuance this year. Such a fiscal deficit level is bearable for China's comprehensive national strength, and it is also safe for the overall situation.

With effects of the nation's various macroeconomic policies continuing to surface, they will definitely boost the economy to develop at a stable and relatively fast pace, thereby laying a solid foundation for stable growth in the nation's fiscal revenue.

By People's Daily Online

http://paper.people.com.cn/rmrb/html/2009-06/09/content_270787.htm



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