Minister of Finance Xuren Xie of China
Xie is Alternate Member of the 16th CPC Central Committee.
It is very important in mobilizing savings, increasing investment, allocating resources effectively and improving the structure of resources," Minister Xie said at a news briefing held during the ongoing 4th US.
Xie said the SWF is engaged in long-term investment rather thanshort-term speculation and therefore it is very beneficial to global investment and the development of the economy.
Xie expressed concern at more than 50 legislative bills related to US economic and trade ties with China proposed by some members of the Congress since the beginning of this year.
Xie said the two sides have agreed on the theme for this year: Seizing Opportunities of Economic Globalization and Dealing with Challenges of Economic Globalization.
Xie said China will choose eight industries in the northeast China industrial zone as the base for the experiment of turning the production VAT into consumption VAT this year.
In response to a question, Xie said the VAT reform might lead to temporary reduction in the collection of VAT.
Xie said China has already set the goal of taxation reform.
The stock trading tax also increased 7 percent in the first seven months, Xie said in his report to the fourth session of the Standing Committee of the 11th NPC, China's top legislature.
Mr Xie said an abrupt economic slowdown and shrinking corporate profits as well as tax cuts had contributed to a drop in revenues, just as the government has pledged to ramp up spending to support domestic demand.
The problem of unbalanced income and expenditures will be prominent in 2009, Mr Xie said at a government conference.
Mr Xie said China's whole-year fiscal revenue in 2008 would be above six trillion yuan, implying an increase of at least 17 per cent over 2007.
Xie said his administration has carried out in-depth research on the unification with other departments concerned, and would speed up reform of the taxation systems in line with the legislative procedure.
Xie joined the Communist Party of China in July 1980.
Xie was in Japan to attend expanded discussions and meetings of the Group of Seven financial ministers.
Xie met with the visiting US Treasury Secretary Henry M.
Xie said that since the SED mechanism was established at the behest of Chinese President Hu Jintao and US President George W.
Xie expressed his hope that the United States would create a good environment for the event.
Xie said the tax revenues would be partly used to narrow the gap between Chinas urban rich and rural poor, a source of concern for the central government.
Xie said Beijing is trying to improve the collection rate -- a reference to increasing collections from private business and fighting widespread tax evasion.
Communist Party of China in July 1980.
It won't cause a significant impact on financial markets,' Xie said during a break from the first of two days of meetings with top US officials.
However, Xie said today that all countries need to help develop these rules.
Specifically, Xie said China plans to increase spending on and reform its social security programs, and has established the goal of ensuring equal access to public services.
Xie was commenting on more than 50 bills concerning Sino-US trade proposed by Congress members.
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Xie was visiting Japan for a so-called "outreach meeting" on the sidelines of the Group of Seven finance ministers and central bankers gathering in Tokyo on Saturday.
Xie was born in October 1947 in Ningbo, Zhejiang.
Xie was promoted to vice minister of Finance in 1995.