China Working Towards Sustainable Economic Growth

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Last updated at: (Beijing Time) Thursday, May 09, 2002

China Working Towards Sustainable Economic Growth

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China will take active measures to regulate the current financial policies, deepen fiscal reform, improve the government's fiscal performance and expedite the establishment of a public financial system, in a bid to achieve sustainable financial growth.

Minister of Finance Xiang Huaicheng made the pledge Thursday in Shanghai while addressing the "PRC-Day" Seminar of the 35th Asian Development Bank (ADB), saying that China plans to ensure stable economic growth by implementing proper fiscal policies.

This year, he noted, the Chinese government will continue to issue long-term construction treasury bonds worth 150 billion yuan(some 18 billion U.S. dollars) to be used in building key national schemes like the western area development projects and the technological upgrading of major industrial enterprises and businesses.

China issued long-term construction bonds worth 510 billion yuan (61.4 billion U.S. dollars) over the past four years, and the ratio of financial deficit and outstanding debt to the country's total gross domestic product (GDP) in 2001 was 2.7 percent and 16.3 percent, respectively, official statistics indicate.

"Compared with the relevant international financial levels, these figures are still within safety limits," Xiang said, expressing the belief that China is capable of coping with more financial risks thanks to its consistent economic growth.

China has taken measures to guard against fiscal risks, such as adjusting the time frame, within which treasury bonds mature while cutting down the cost in raising the finances, unifying the administration of the government's internal and external debts, and improving the management and supervision of treasury bonds, he said.

Moreover, China has a wealth of experience in dealing with deflation and is fully capable of initiating preventive measures against it as well as easing fiscal risks because of its robust economy, according to the minister.

As for fulfilling its WTO commitments, China will thoroughly reform the current taxation preferential treatment and fiscal subsidy policies to increase transparency in the financial area in line with the conventional international practices, Xiang said.

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