Party vow to narrow wealth gap
Source: Xinhua |
October 28, 2010, Thursday
|
Print Edition
Print Edition
CHINA will improve its income distribution mechanism to narrow the wealth gap in the five years from 2011 to 2015, according to an official document released yesterday.
The document, the Communist Party of China Central Committee's Proposal for Formulating the 12th Five-Year Program for China's Economic and Social Development, was adopted at the Fifth Plenum of the 17th Party Central Committee last week.
China will strive to narrow income gaps between people in rural and urban areas, different regions and industries, the document said.
The country will increase residents' property incomes, boost employment, raise minimum wages, ensure workers' wages are duly paid and increased, as well as enhance the role of tax in regulating excessive incomes, it said.
It will also improve the salary mechanism for government employees and deepen reforms of public institution workers' incomes, the document said.
The Party yesterday issued the full text of the proposal that will play a crucial role in shaping China's development over the next five years.
China should further reform its financial system to steadily promote the market-oriented interest rate reform and enhance a market-based managed floating exchange rate regime, said the proposal.
The country should also improve its foreign exchange reserve management and gradually realize yuan convertibility under capital accounts, said the document.
China should accelerate reforms in economic and administrative mechanisms to help develop its market economy, it said.
The country should continue to uphold the public ownership economy as the pillar, while creating an environment that allowed all types of ownership equal access to production elements, fair market competition and equal legal protection, said the document.
Efforts should be made to deepen reforms in the monopoly industries, and to encourage non-state-owned enterprises to participate in the reforms conducted in state-owned companies, it said.
More work should be done to enhance transparency and expand public participation in decision-making and to strengthen administrative accountability, so boosting government credibility, the document said.
The government should speed up the construction of a fiscal and taxation system that helped transform the mode of economic growth, it said.
Authorities should promote resources tax reforms, start levying environment protection taxes, and study property tax reforms.
The committee also proposed to expand the scope of value-added tax and reduce business tax.
The document, the Communist Party of China Central Committee's Proposal for Formulating the 12th Five-Year Program for China's Economic and Social Development, was adopted at the Fifth Plenum of the 17th Party Central Committee last week.
China will strive to narrow income gaps between people in rural and urban areas, different regions and industries, the document said.
The country will increase residents' property incomes, boost employment, raise minimum wages, ensure workers' wages are duly paid and increased, as well as enhance the role of tax in regulating excessive incomes, it said.
It will also improve the salary mechanism for government employees and deepen reforms of public institution workers' incomes, the document said.
The Party yesterday issued the full text of the proposal that will play a crucial role in shaping China's development over the next five years.
China should further reform its financial system to steadily promote the market-oriented interest rate reform and enhance a market-based managed floating exchange rate regime, said the proposal.
The country should also improve its foreign exchange reserve management and gradually realize yuan convertibility under capital accounts, said the document.
China should accelerate reforms in economic and administrative mechanisms to help develop its market economy, it said.
The country should continue to uphold the public ownership economy as the pillar, while creating an environment that allowed all types of ownership equal access to production elements, fair market competition and equal legal protection, said the document.
Efforts should be made to deepen reforms in the monopoly industries, and to encourage non-state-owned enterprises to participate in the reforms conducted in state-owned companies, it said.
More work should be done to enhance transparency and expand public participation in decision-making and to strengthen administrative accountability, so boosting government credibility, the document said.
The government should speed up the construction of a fiscal and taxation system that helped transform the mode of economic growth, it said.
Authorities should promote resources tax reforms, start levying environment protection taxes, and study property tax reforms.
The committee also proposed to expand the scope of value-added tax and reduce business tax.
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