May 092012

Beijing, May 9 (Xinhua-ANI): In a statement on the ministry’s website, Chinese Minister of Finance Xie Xuren on Wednesday noted that it is more pressing and more difficult to solve structural problems that are making China’s development unbalanced, uncoordinated and unsustainable.

Xie warned of uncertainties and instability in the world economy that will create many difficulties and challenges for China’s economic development and social governance.

The Ministry of Finance will deepen the reform of fiscal and taxation systems such as replacing the business tax with a value-added tax (VAT) in more cities to support reforms in prices and the financial sector, he added.

The minister reiterated that the Chinese economy is basically “in good health” and boasts quite a few favorable conditions.

 China is still in a vital period of strategic opportunities for development,” Xie said.

“New problems have emerged in our economy, as long-term and short-term issues are interwoven while domestic and international complexities are interconnected,” he said, without giving further details.

Xie said the challenges require policymakers to be more skilled in implementing economic macro-control policies. (ANI)

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