Financial sector targeted for reform
Print Edition
CHINA will advance key reforms in the financial sector, fiscal and tax systems, and streamline government functions to boost the internal forces driving development, Premier Li Keqiang said in the 2017 government work report.
In the financial sector, systemic risks are “under control” but the government should be alert to the build-up of risks related to non-performing assets, bond defaults, shadow banking, and Internet finance.
To defuse the risks, the government plans to prompt financial institutions to focus on their main business, strengthen their ability to serve the real economy, and stop them being distracted from their intended purpose.
“The fundamentals of the economy remain sound, the capital adequacy ratio and provision coverage of commercial banks remain high.
“We have the confidence, the ability, and the means to forestall systemic risks,” the report stated.
On streamlining government functions, a pilot program to grant market access on the basis of a negative list will be expanded, discretionary powers of the government will be reduced to give the market “more freedom to take its course.”
On fiscal reforms, the government will continue a pilot program to replace business tax with value-added tax across the board, simplify the structure of VAT rates, and turn the four tax brackets into three.
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