China must establish a stable, balanced, and powerful financial system while pushing forward reform and opening-up and modernization in order to accomplish trans-century objectives and rejuvenate the nation, said President Jiang Zemin at the closing ceremony of a week-long seminar on finance and revenue, which ended on January 19.

Jiang said it is imperative to take into consideration the changes in international and domestic affairs, and to appropriately handle major issues in the process of establishing amore perfect socialist market economy and maintain sustained, rapid, and sound national economic development.

State and Party leaders Li Peng, Zhu Rongji, Li Ruihuan, Wei Jianxing and Li Lanqing were present at the seminar.

Vice President Hu Jintao presided over the closing ceremony of the seminar, participated in by leading officials at provincial and ministerial levels.

Jiang said the basic criteria for judging financial and taxation efforts can be determined according to whether or not they aid the development of socialist market economy and the consolidation of the socialist system, satisfy the fundamental interests of the people, and are conducive to maintaining nationalunity and security, and promoting ethnic unity and social stability.

He said it is also imperative to view financial and taxation work from a long-term perspective, adding that as China is a populous country and not rich, government spending should focus on bettering the lives of the people, as well as construction.

Therefore, it is important to do things economically, Jiang said, noting that relevant departments should manage finances and taxation according to the laws.

During the seminar, Zhu Rongji and Li Lanqing also delivered reports on the current economic situation and financial and taxation work.