China To Reduce Taxes And Open Up Further For High-Quality Development

In order to maintain high-quality development, China will continue to deepen supply-side structural reform among other measures in 2019, said a statement after the Central Economic Work Conference that was held in Beijing from Wednesday to Friday.

This meeting was primarily addressed by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president.

The Central Economic Work Conference is the most important annual meeting on economy for China and the current economic situation was analysed and the plans for 2019 were mapped by Xi. Specific arrangements for the economic work in the coming year were made by Chinese Premier Li Keqiang.

The statement said that the country would also adopt strategies of tax cuts and fee reductions on a larger scale.

The statement highlighted the seven primary tasks for China’s economic work in 2019. These are:

  • Promotion of high-quality development for the manufacturing industry
  • Triggering robust domestic market
  • Furthering the rural vitalization strategy
  • Fostering coordinated regional development
  • Hastening the reform process in the economic system
  • Furthering opening up of the economy in a major way and
  • Enhancing livelihood of citizens. .

The statement further stated that a trend of sustained and healthy development was maintained by the Chinese economy in 2018. During the period, the Chinese authorities furthered supply-side structural reforms and further opening up of the economy, adequately tackling the trade spat with the United States and enhancing livelihood of people even as the economy managed to achieve the major goals in macroeconomic regulation.

The statement further states that a good start of the “three tough battles” – reducing financial risks, poverty and pollution, was witnessed in 2018.

“While fully acknowledging the achievements, we must see that there are new and worrisome developments amid generally steady economic operation, the external environment is complicated and severe, and the economy faces downward pressure,” the statement noted.

The statement at the end of the conference said that China is still going through a very critical phase of strategic opportunity for development and that would continue for a long time. China should take advantage of the changes in the world that is being witnessed for the first time.

The statement urged the country to seize these opportunities to accelerate economic restructuring, improve innovation capabilities in science and technology, deepen reform and opening-up, speed up green development, and take part in the reform of the global economic governance system.

The statement further said that the Chinese government aims for a reasonable range in terms of economic growth for 2019 and the country would be on its path for creating a moderately prosperous society by 2020.

The Chinese policy makers would maintain its proactive fiscal policy and its prudent monetary policy for 2019 and further strengthen counter-cyclical policy adjustments of macro-policies.

The statement said that the Chinese government wants to maintain a balance in its monetary policy and wants it to be neither too loose nor too tight and thereby \keep ample supply of liquidity.

There would be enhanced reforms in the state-owned enterprises. Changes and reforms would also be hastened in taxation and finance, land, market access and social management so that an institutional environment for fair competition is created in the country.

(Adapted from News.CGTN.com)

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Categories: Economy & Finance, Geopolitics, HR & Organization, Regulations & Legal, Strategy, Sustainability, Uncategorized

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