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China's finance minister warns of tough year
Beijing (AFP) Jan 26, 2009 China's finance minister warned Monday the economy faces a "very severe" year in 2009 and indicated government budgets would be strained as taxes were cut to stem the economic slowdown. In a holiday message on the first day of the Lunar New Year, Xie Xuren urged governments at all levels to exercise care in public spending to keep the books balanced. "Our nation's economic and social development faces a very severe global and domestic situation in 2009," Xie said in the message posted on the ministry's website. "The difficulty of maintaining stable yet fast economic development will increase. The conflicting strains of financial income and expenditures also will become more prominent." Xie's comments marked the latest sign of official worry over the nation's financial and economic situation as the problems caused by the global crisis continue to strain China's export-dependent economy. Beijing in November announced a 590-billion-dollar stimulus package to boost domestic demand. That has been followed by one incentive after another, including export tax rebates, farm subsidies, and a cut in the sales tax for some cars to boost the auto sector. Chinese authorities fear that rising unemployment and economic trouble could lead to social unrest. Xie said earlier this month that the country's fiscal revenue exceeded six trillion yuan (880 billion dollars) in 2008, up 19 percent year on year. But that was far below the 32.4 percent growth recorded in 2007, with revenues weakening in the second half of last year due to falling corporate profits and tax cuts to cushion the impact of the global meltdown, he said. Xie's comment on Monday appeared to set a tough task for government bodies, urging them to take measures to keep the economy growing with investment but also urging against excessive spending while also reducing taxes. Share This Article With Planet Earth
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