China to Favor West in Fiscal PolicyChina's Vice-Minister of Finance Zhang Youchang on Wednesday promised to increase investment in the country's economically weak western regions.He told the on-going Western Forum that more international investment projects, including the preferential loans by the International Monetary Fund and foreign governments, will be introduced to the west. Meanwhile, a special treasury policy will be issued for the development of the western regions. The national budget will also increase subsidies for the salaries and social security of employees in state-owned enterprises, for the improvement of education and for the treatment of ecological problems such as soil erosion, in western regions. A favorable tax policy will be adopted for the western regions. For instance, companies engaging in projects encouraged by the central government will enjoy a tax waiver of 15 percent within a certain period, the vice-minister added. Source: China Daily |
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