Comment on "Premier highlights economic restructuring" (China Daily, July 17)

Given the pace of the Chinese economy's development, economic restructuring is both important and urgent. And the restructuring efforts should focus, among other things, on three areas.

First, the government should simplify and reform tax structures with the emphasis on a more balanced sharing of tax revenues with local governments.

Second, it should reform the financial sector and allow market-based vehicles such as municipal and perpetual bonds, preferred stocks and exchange-traded funds to play a greater role with more transparency and flexibility, and depend less on proprietary vehicles.

Third, indirect government (both local and central) guidance through NGOs is necessary to ensure equitable distribution of the benefits of growth and development among all in order to build a harmonious socialist economy.

Icwu, on China Daily website

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(China Daily 07/22/2013 page9)