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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3500)	9/23/2004 7:36:46 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China needs more tax reform: Finance, trade expert BEIJING - China should launch a new round of taxation reform, said Gao Peiyong, deputy director of the Institute of Finance and Trade of the Chinese Academy of Social Sciences. On the Forum on Economic Development and Macro-control Trend in China, Gao said the Chinese Government has drawn up a taxation reform prospect that adapts to the market economy at the Third Plenary Meeting of the 16th CPC National Congress. Its implementation will not only help the government reach a suitable tax level, but also help optimize taxation structure. Gao gave the following reasons for taxation reform: First, growth of tax revenue in China has almost reached its peak, that is, current growth of tax revenue is the highest. Second, as the macro-economic environment changes, China is adjusting the active fiscal policies that have been implemented for the past years. Taxation reform is the leading and most important reform. Therefore, it is desirable to seize the opportunity to adjust fiscal policies to start a new round of taxation reform. According to Gao, taxation reform has played a unique role in China's 20-year-long reform progress. In the early period, taxation reform paved the way for the start of the country's reform as a whole by tax reduction and concession of part of the profits to enterprises. Then taxation reform in 1994 acted as a bridge for China to enter a new stage of institutional reform. (Asia Pulse/XIC) atimes.com