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The policies are the issuance of special bonds to curb excessive liquidity; tax rebate slashes to discourage exports and preferential tariff s to encourage imports; tax policies to promote energy savings and emission deductions; and reform in resources tax.

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The ministry has submitted a bill to the Standing Committee of the NPC on the selling of 1.55 trillion yuan (US$203 billion) of special treasury bonds to finance the proposed foreign exchange investment company.

The funds raised will be used to buy US$200 billion of the country's total of US$1.2 trillion foreign exchange reserves from the central bank, and to invest overseas. The bill is expected to be approved.

The ministry is also studying tax policies to cut the country's trade surplus. In order to curb the growth rate of exports, reduce trade conflicts with other countries and improve the export structure, MOF is studying tightening measures on the export tax rebate, processing trade and export tax. On the other hand, lower tariff and financial subsidies are under consideration, Jin said.

MOF is considering new tax policies to push energy savings and emission deductions, Jin said. Reform in the resources tax system is also on the schedule. The reform will focus on better selection and definition of the tax base, changes from the current negative real tax rate and an increase of financial revenue to regions with affluent resources, to stimulate resources saving, environmental protection and changes in growth style.

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