www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

Finance Minister says govt to practice austerity

By Zheng Yangpeng (China Daily) Updated: 2015-12-30 08:36

In forthcoming year, the government will have to practice austerity in coping with the gap between a slowdown in revenue income and a rise in fiscal spending obligations, said the Finance Minister.

"Some expenditures that are unreasonable or unnecessary due to changing policy environments should be cut or scaled down, which could make spending on social welfare more sustainable," Lou Jiwei told a national fiscal conference on Monday.

Government operating expenses would be squeezed, in particular spending on government receptions, overseas visits and car purchases, which could ensure spending on social welfare such as social insurance and pension funds, Lou said.

Even for welfare, Lou cautioned, spending should be in a "sustainable" and "prudent" manner.

The message carries ramifications for China's 8 million civil servants, as well as the many more jobs dependent on public spending, which has been under strict scrutiny in recent years.

The economic slowdown has weighed on revenues, which saw 5.7 percent growth in the first 11 months, while expenditures surged 17.4 percent over the same period. Lou concluded that the "potential growth rate of revenue has declined, while there is little room for spending cuts. Conflicts between income and spending have intensified".

There are three ways to maintain balance: curb public spending, expand revenue or widen the fiscal deficit. Lou said he will try making adjustments on those three fronts, though none has much room to maneuver, analysts said.

For example, after a top economic meeting called for reducing the burden of corporate taxes and fees, there were heightened expectations for cuts, leaving little hope that the ministry could boost revenue next year.

"Once in place, the public invariably hopes the various social policies will rise. Any plan to cut them will face fierce opposition. For example, even though China's retirement age is lower than in many countries and there is already a huge deficit in pension funds, any proposal to raise the age still draws public complaints," said Gao Peiyong, a researcher at the Chinese Academy of Social Sciences.

On tax cuts, Lou stopped short of vowing to significantly slash taxes, instead pledging to "streamline various administrative fees". He vowed to extend the value-added tax reforms to the finance, real estate and construction and consumer services sectors.

China launched a pilot program to replace business taxes with a VAT in 2012, in a bid to reduce duplicate taxation and corporate costs. The pilot program is planned to expand to the above three sectors this year.

Gao said the reason behind the slow progress is the government can't afford the possible losses that would arise from expanding the scope of VAT reform.

He said Beijing had originally hoped the all-round conversion to VAT would cut society's tax burden of as much as 1 trillion yuan ($161 billion). But the reform halted after it cut only 200 billion yuan of taxes. China can only cut more business taxes when it can in the meantime increase its revenue from property tax and income tax.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 欧美日韩精彩视频 | 精品三级内地国产在线观看 | 国产一区二区三区免费在线观看 | 国产成人高清 | 国产在线一区二区三区 | 美女视频黄a全部 | 国产成人禁片免费观看视频 | 久久91精品国产99久久yfo | 久草热视频 | 亚洲久草在线 | 久久精品18 | 国内外成人免费在线视频 | 这里只有精品国产 | 一区二区日韩欧美 | 国产亚洲高清在线精品不卡 | 87精品福利视频在线观看 | 美女视频永久黄网站在线观看 | 午夜神马视频 | 欧美日韩一区在线观看 | 一级成人a免费视频 | 国产成人精品免费视频软件 | 国产精品久久国产三级国电话系列 | 免费观看一级欧美在线视频 | 特级无码a级毛片特黄 | 欧美另类69xxxxx视频 | 成人午夜毛片在线看 | 美女视频黄a | 91精品国产色综合久久不 | 高清一级片 | 性猛交毛片 | jul-179在线中文字幕 | 特黄毛片 | 美女一级片 | 久久精品国产精品青草 | 久久精品国产免费一区 | 国产91精品久久久久999 | 国产免费成人在线视频 | 欧洲免费无线码一二区 | a久久99精品久久久久久不 | 午夜mm131美女做爰视频 | 国产欧美在线不卡 |