Premier Wen: Fiscal work to better serve economy

Chinese Premier Wen Jiabao says the government’s fiscal activities should better serve the country’s economic development and improve the people’s living standards. He spoke during a visit to the Finance Ministry in Beijing on Tuesday.

Wen also urges authorities to further improve macroeconomic controls and strengthen the public service system in the world’s second largest economy. Speaking about the tax system, Wen says the finance ministry needs to focus on expanding the trial program of transferring from revenue tax to value-added tax, and reforming the resource tax.

Wen adds, in the long-run, the ministry should gradually set up a property tax system to boost the development of the real estate market and to adjust the current tax system in order to better adjust current income distribution.

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