Chinese Minister of Finance Lou Jiwei (C)and Xu Hongcai (R), assistant minister of finance, give a press conference on the sidelines of the fourth session of the 12th National People's Congress at the press center in Beijing, capital of China, March 7, 2016. (Xinhua/Zhao Yingquan)
China's increase of its deficit-to-GDP ratio will help prevent economic growth from falling rapidly and facilitate structural reform, a senior official said Monday. [Special coverage]
Given problems amid the economic new normal, the country's new budget will support the economy to realize medium-high speed growth, Minister of Finance Lou Jiwei said at a press conference on the sidelines of the annual parliamentary session.
China plans to raise deficit-to-GDP ratio to 3 percent this year from 2.3 percent in 2015, said a government work report delivered to China's top legislators Saturday, offering the government more to spend.
The government will ensure major spending in people's wellbeing and public services, and strengthen support for supply-side structural reform, the minister said.
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China sets deadline for VAT reform
Chinese finance minister said on Monday that business tax in all industries will be replaced by value-added tax (VAT) before May, a concrete step in deepening fiscal and taxation reform.
China to revise individual income tax
China has completed a reform plan on individual income tax and it will be submitted to the national legislature for review this year, Chinese Finance Minister Lou Jiwei said Monday.
