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Financial Minister Assistant Li Yong said Saturday at the seminar on the prospects of China's macro economic situation and the development of China's growth enterprise market that China will implement six specific financial policies next year:

First, China will continue to issue a certain quantity of long and medium-term T-bonds to be used in the unfinished T-bond projects in the past two years, making up the local capital insufficiency and key projects for west development.

Second, income distribution system will further be adjusted.

Third, the proportion of social security expenditure to the state financial expenditure will be further raised. The state will try to set up a social security system with diversified capital sources, standardized security regulations and socialized management and services through levying social security tax, downsizing state-owned shares and expanding the issuance of lotteries.

Fourth, the tax policies for export and stimulation of export will be improved to increase tax revenue.

Fifth, efforts will continue to encourage the introduction of key technology and equipment to speed up economic restructuring.

Sixth, the reform of rural tax and charge system will be accelerated, implementing a financial transfer payment system to alleviate the burden and increase the income of farmers.

(People's Daily 11/06/2000)