Home>News Center>China
       
 

State banks urged to reform with gov't input
By Liu Weiling and Xu Binglan (China Daily)
Updated: 2005-03-10 01:49

Finance Minister Jin Renqing yesterday urged China's State banks to launch realistic and effective reforms to ensure the government's huge input is worthwhile.

Speaking during a press conference hosted by the NPC, Jin said his ministry would foot the reform bill.

Jin Renqing (left), minister of finance, and Xie Xuren, director of the State Administration of Taxation, at the press conference hosted by NPC. [China Daily/Yang shizhong]
"We have to pay a price to support the banks' joint-stock restructuring," he said.

"But we hope we can buy a new mechanism with the money," he added.

The ministry issued 270 billion yuan (US$32.5 billion) in special bonds in 1998 to replenish the four banks.

In 1999, the banks were allowed to transfer 1.4 trillion yuan (US$168 billion) in dud loans to asset management companies, which specialize in handling bad debts.

"I guess the losses will be eventually covered by the Ministry of Finance," Jin said.

The ministry allows banks to use part of their interests to write off the bad loans, Jin said.

The ministry also offers preferen-tial tax policies on the banks' non-performing loans. "The choice in supporting the banks' reforms will depend on our fiscal conditions in the future," he said.

He stressed the country's economic power is strong enough to back the banks' reforms.

Meanwhile, the country's taxation chief gave his forecast for the much-anticipated revision on Personal Income Tax Law and unification of income tax for domestic and foreign-funded firms.

Xie Xuren, director of the State Administration of Taxation (SAT), said the Ministry of Finance and SAT have already worked out an initial plan to revise relevant chapters in the Personal Income Tax Law.

"The next step is to submit the plan to the State Council and then to the National People's Congress for approval," he said.

He was speaking amid mounting calls to raise the 800 yuan (US$96) threshold for personal income tax payments, and wide-spread expectation on substantial steps this year.

On the unification of enterprise income tax, Xie said "research will be proceeded further this year."

Foreign-funded enterprises now pay 15 per cent income tax while companies funded by domestic investors are charged a 33 per cent income tax rate.

However, a legislator at the NPC Financial and Economic Committee revealed China might levy unified income tax for domestic and overseas-funded firms in 2008.

"This was in my most optimistic forecast," Cheng Faguang, former deputy director of the SAT, was quoted by Xinhua as saying.

Jin said the government needs to introduce the long-anticipated but contentious fuel tax at the right time.

The tax was originally planned to be introduced in 1999 but postponed time and again due to conflicting opinions from different departments.

Difficulties include re-employment of the toll fee collectors that would be laid off because of the transition from fee to tax, and the extra burden the tax could impose on cabs and buses.

"We need to find more co-ordination to solve such problems," said Jin, adding the current soaring oil price is also a problem.

"We worry that if we begin to have the levy now, it will create an extra burden for enterprises," Jin said.

"We are firm on introducing the fuel tax. But we need to have good timing."



 
  Today's Top News     Top China News
 

Peace paramount in anti-secession law

 

   
 

Australia grants visa to 104-year-old Chinese

 

   
 

Russia: Chechen leader Maskhadov killed

 

   
 

Official accountability system to be stricter

 

   
 

Petition cases rise 23.6% last year in China

 

   
 

Special peninsula envoy heads for US

 

   
  Australia grants visa to 104-year-old Chinese
   
  Medical service to be extended to farmers
   
  Debates to centre upon tax reforms
   
  Official accountability system to be stricter
   
  Getting street kids into care
   
  Rural environment needs protection
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
Palestinians to control West Bank town
   
CMB to launch fund management JV
   
Listings of two big State banks imminent
   
Listings of two big State banks imminent
   
Top banker: State banks to go public soon
   
Top banker: State banks to go public soon
   
Violence stifles Abbas' attempts at order
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement
         
主站蜘蛛池模板: 午夜成人无码福利免费视频| 在线观看国产日本| 久久精品第一页| 欧美日韩一区二区综合| 公交车后车座的疯狂运| 色综合久久一本首久久| 国产成a人片在线观看视频下载| 色多多福利网站老司机| 国内精自线i品一区202| eeuss草民免费| 少妇特殊按摩高潮惨叫无码| 中文字幕天天干| 日本娇小videos精品| 久久黄色精品视频| 欧洲亚洲国产精华液| 亚洲国产日韩在线人成下载| 每日更新在线观看av| 亲子乱子xxxxxx| 百合潮湿的欲望| 免费观看黄a一级视频日本| 羞羞答答www网址进入在线观看 | 国产精品丝袜久久久久久不卡| 91精品国产高清| 在线天堂bt种子| 99久无码中文字幕一本久道 | 老头天天吃我奶躁我的动图 | www.91亚洲| 好男人在线社区www在线视频一| 中文字幕三级理论影院| 我要看a级毛片| 中文无码人妻有码人妻中文字幕| 日本免费人成视频播放| 久久水蜜桃亚洲AV无码精品| 日韩欧美亚洲每的更新在线| 久久综合热88| 日韩欧美中文字幕在线视频| 久久精品视频大全| 日韩精品无码一区二区三区不卡 | 午夜性a一级毛片| 纯肉高H啪动漫| 口工里番h全彩动态图|