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Finance minister sees difficulties, challenges for China's economy | Chinese Minister of Finance Xie Xuren on Wednesday
warned of uncertainties and instability in the world economy that will create
many difficulties and challenges for China's economic development and social
governance. In a statement on the ministry's website, Xie noted that it is more
pressing and more difficult to solve structural problems that are making China
's development unbalanced, uncoordinated and unsustainable. "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. 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. 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.
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