CHINA'S FINANCIAL ROADMAP FOR 2012 CCTV News

The National Finance Work Conference was held over the weekend in Beijing. China's Ministry of Finance introduced the main areas of focus for financial policy in 2012. The Ministry of Finance says that in the upcoming year, China will further progress structural tax reduction, so as to keep economic growth and stable prices. China will lower taxes on some imported goods, and at the same time import more energy resource products, advanced equipment and key components. Tax imposed on micro-enterprises will also be lowered. Chinese Finance Minister Xie Xuren said, "For enterprises with an annual taxable income of less than 60 thousand yuan, they only have to pay 20 percent tax on 50 percent of their taxable income." More tax policies will be carried out in other areas. Xie said, "City and town land use tax will be levied on the commodity warehousing facilities of logistics enterprises. No VAT will be imposed on vegetable sales, wholesale and retail." Balanced income distribution will be another focus of the 2012 financial policy roadmap. Xie said, "We will enlarge the scale of financial aid, and work on increasing incomes of residents, especially those with low earning capacity." Financial aid in the rural cooperative medical care system and basic medical insurance of urban residents will be enhanced to an average of 240 yuan per capita per year. The minister adds, China will work on ensuring 4 percent of GDP will be spent on financial education expenditure. Information ...

View Count: 9 Date: December 26, 2011