China's achievement in poverty relief unprecedented: economist

"China's achievement made in reducing poverty-stricken population is unprecedented in the history of mankind", "China can have its needs met only through rapid development", these are comments made by world famous economists at a seminar on global economy and Chinese economy held in Beijing on March 22.

Nearly 100 people from Chinese government departments concerned and research institutes, and envoys of Group 20 (G-20) countries in Beijing joined discussions.

Especially mentioning the transformation of proactive fiscal policy, Chinese vice finance minister Li Yong said that China started last year to transform its 6-year proactive fiscal policy to a prudent one. In this regard, China will further control financial deficit and restructure spending. In 2005, the financial deficit will be cut by 300 billion yuan or two percent of China's GDP. Treasury bond for special construction will be cut by 30 billion yuan. In the meantime, China will boost reform of fiscal and tax policy through shifting the current production value added tax to consumption value added tax, unifying income taxes for national-funded and foreign-funded enterprises and improving policy on export tax rebate.

In his speech, Nicholas Stern, second permanent secretary of the British Treasury, spoke highly of the Chinese government's efforts in poverty relief and contribution to the world. He said, thanks to its reform and opening up, China's achievement made in reducing poverty-stricken population is unprecedented in the mankind history. He predicted that China's GDP in 2015 will be half of that of Group 7.

US economist and Nobel Prize winner Joseph Stiglitz extended his positive comment on China's rapid economic development. But, he said, China can have its needs met only through rapid development. He added that China must constantly make innovations and reforms to maintain a high growth rate.

As China is the chairman of G-20 Finance Ministers and Central Bank Governors Meeting in 2005, the seminar embodied China's willingness to make concerted efforts with other countries for a new international economic order and a balanced world economy. Moreover, it is helpful for the world to learn about China's current economy and macroeconomic regulation.

By People's Daily Online