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: 久久久高清 | 日韩精品亚洲精品 | 超碰伊人久久 | 小视频在线 | 精品91一区二区三区 | 久久久久久国产精品三级玉女聊斋 | 欧美特级黄色大片 | 69福利视频 | 美女狠狠干 | 亚洲精选av | 国产精品久久久久久久9999 | 国产一区二区三区高清 | 天天操天天射天天爽 | 伊人青青青 | 自拍在线观看 | 日韩久久网 | 蜜臀va| 国产精选一区 | 久久免费在线观看视频 | 麻豆视频免费在线播放 | 性欧美又大又长又硬 | 国产精品一区二区三区在线播放 | 亚洲激情一区二区三区 | xxxx亚洲 | 男人天堂网在线观看 | 爱爱精品 | 久久久性视频 | 国产欧美精品在线观看 | 日韩在线小视频 | 对白超刺激精彩粗话av | 涩涩资源站 | 欧美性一区二区三区 | 特黄特色大片bbbb | 亚洲国产精品久久久久久久 | 午夜免费成人 | 亚洲国产网站 | 久久久久9 | 中文在线一区 | 国产一级精品视频 | 国产视频在线观看免费 | 日韩av免费在线观看 |