日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

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: 日韩一区二区在线免费观看 | 黄色一级视频在线观看 | 欧美精品欧美精品系列 | 国产一区二区三区高清 | 麻豆视频免费在线 | 公共露出暴露狂另类av | 极品少妇xxxx精品少妇偷拍 | 蜜乳av一区二区 | 在线观看一区二区三区四区 | 国产日本在线观看 | 精品免费看 | 欧美三级小视频 | 99精品国自产在线 | 欧美性精品 | 91麻豆精品 | 一区二区播放 | 色黄网站 | 欧美一区二区三区网站 | 亚洲天堂久久久 | 性色av蜜臀av浪潮av老女人 | xvideos永久免费入口 | 国产免费一区二区三区四在线播放 | 免费成人深夜在线观看 | 自拍偷自拍亚洲精品播放 | 97超碰免费在线 | 久久精品999 | 日韩一区二区精品 | 在线成人播放 | 久久黄色视 | 高清一区二区 | 人人干美女 | 欧美经典一区二区三区 | 久草三级 | 激情视频一区二区 | 国产一级特黄 | av免费播放 | 日韩精品一区二区三区中文在线 | 夜夜夜夜操 | 超碰人操| 在线观看国产视频 | 青娱乐精品视频 |