China To Expand Value-added Tax Reform, Support Central Region
Chinas Premier Wen Jiabao hosted an executive conference with Chinas State Council
standing committee on July 25, where it was decided that the scope of Chinas value-added tax (VAT) pilot project will be expanded, the development of Chinas central region will be further promoted, and the minimum living standard guarantee will be strengthened and improved.
According to the government statement, from August 1 to the end of this year, the scope of the VAT pilot project which aims to replace business tax with VAT for the transport sector and some modern service sectors will be expanded from Shanghai to Beijing, Tianjin, Xiamen and Shenzhen, as well as the provinces of Jiangsu, Zhejiang, Anhui, Fujian, Hubei and Guangdong. More areas will also be added next year, and the pilot project will be extended to some other sectors throughout the country.
The State Council also approved a plan to promote the development of Chinas central region. The central region, which consists of Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan provinces, is of great importance to Chinas regional development.
Therefore, the implementation of the strategies for the rise of central China should be vigorously promoted; more attention shall be drawn to the transformation-oriented development and coordination, as well as the sustainable development. Moreover, efforts should be made to stimulate the domestic demand of the central region and to further expand its development space.
As forwarded by the official statement, in order to realize the rise of the central region, there are seven tasks need to be fulfilled. They are:
Strengthening the construction of a national strategic grain base, energy and raw materials base, and a modern equipment manufacturing and high-tech industrial base
Coordinating the development of various transportation modes, improving the comprehensive capacity of transportation in all aspects, and strengthening the status as an integrated transportation hub
Supporting the development of key areas
Offering support to accelerate the development of underdeveloped areas
Safeguarding and improving peoples well-being
Strengthening resource conservation and environmental protection
Promoting reform and innovation, comprehensively enlarging opening-up areas
In addition, the central government calls for increasing the policy support to the central region and offers four polices to support central region development, which are:
Intensifying financial transfer payment support
Supporting main grain producing areas to improve financial capabilities
Supporting the central region to improve peoples welfare and promoting the equalization of basic public services
Supporting the construction of key eco-functional zones, such as the Three Gorges Reservoir area, Danjiangkou Reservoir area and Shengnongjia Forest District
Strengthening and improving the minimum living standard guarantee is another focus of the conference. The State Council has put forward four measures to facilitate the goal, which are:
Improving the criteria for qualifying within the low-income group
Standardizing the examination and approval procedure
Establishing a verification mechanism, enhancing dynamic management
Improving the supervision mechanism
by: Dezan Shira & Associates
Development Trends Of China Mobile Phone Price Of Iron Ore Continues To Increase In China Experiencing China 2012 Olympic Opening Ceremony Uniforms China Spain Outfit Clash Again Devoted Stray Dog Follows Cyclists Over 1,000 Miles Through China Simple Information About The Chinaware Ball Mill China Wholesale Watches The Most Common Cast Iron Grades Manufactured In China Low Carbon In China Mining Machinery Industry Deve China Allows Limited Debt-for-equity Swap The Most Popular Crusher In China Market Infinite Development Of Pet Products In China China Plant Extracts Industry Overview