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China's pro-active fiscal policy and sound monetary measures have effectively warded off the Asian financial crisis, vigorously boosted the internal demand and maintained a sustainable and fast economic growth, said China's Finance Minister Xiang Huaicheng on Monday in Hong Kong.
Xiang, who came here to attend the 16th World Congress of Accountants, delivered a speech about China's fiscal policy and current economic situation at a luncheon hosted by the Hong Kong General Chamber of Commerce.
Xiang said a pro-active fiscal policy is not only important to the current economic growth, but also helpful to China's long-term goal of the economic development.
By implementing the pro-active fiscal policy, the Chinese government has fully mobilized the domestic funds and built a number of infrastructure facilities in recent years, he said.
Moreover, the government has made greater efforts to transform technology in the key industry sectors and enterprises, push forward the economic restructuring, strengthen the environmental protection and pave way for the long-term sustainable growth of the economy, he noted.
Talking about China's fiscal deficit and debt issue, Xiang pointed out that China's fiscal deficit and debt balance constitute 2.7 percent and 16.3 percent of the GDP, which are within the internationally recognized secured level.
In view of the general economic power of the country, China can entirely stand the fiscal and debt level, he said.
More important, he said, the Chinese government has adopted preventive measures against the fiscal risk and he believes China's solvency will be improved with its further economic expansion and fiscal reform.
Xiang said the Chinese government will continue to implement the pro-active fiscal policy in response to the changing economic situation at home and abroad and will try to create a rational and well regulated taxation system.
Eden Woon, director of the Hong Kong General Chamber of Commerce, delivered a welcome remarks at the luncheon, which was attended by about 500 representatives from the chamber's member companies.
(Xinhua News Agency November 19, 2002)
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