Chinese Premier Zhu Rongji has called for further reforms of the
country's financial system and introduction of a proactive
financial policy.
At
a meeting with participants in a national conference on fiscal work
which opened in Beijing Wednesday, Zhu said reforms of China's
financial and tax system underway since 1994 helped regulate income
distribution among the central government, enterprises and
individuals, ensuring a steady increase in the country's fiscal
revenue.
The premier said the national fiscal revenue increased by 159.5
billion yuan (US$19.3 billion) annually from 1994 to 2001. It is
expected to grow by some 180 billion yuan (US$21.8 billion) this
year.
China has adopted a proactive fiscal policy and a stable monetary
policy since the 1998 Asian financial crisis. Long-term treasury
bonds valued at 660 billion yuan (US$79.8 billion) have been issued
during the past four years.
Meanwhile, governments at all levels have used a total of 239
billion yuan (US$28.9 billion) to guarantee the basic livelihoods
of people whose incomes were below the national average.
Some 406.6 billion yuan (US$49.2 billion) have been spent to
increase wages for public servants and staff working in state-owned
institutions since 1999.
During the past four years, the central government also helped to
improve tax management in rural areas.
According to Zhu, fiscal management reforms in government
departments have played significant roles in preventing corruption
in recent years.
The premier said it was important to increase fiscal incomes while
reducing costs, to adjust and improve the fiscal budget, and avoid
extravagance and waste, in order to better develop fiscal
management in China.
(Xinhua News Agency December 26, 2002)