New finance chief 'to speed up fiscal reform'
Updated: 2013-03-20 00:09
By WEI TIAN (China Daily)
|
|||||||||
Lou Jiwei faces tasks of boosting spending on livelihoods as government's income growth slows
Lou Jiwei's appointment as China's new finance minister was viewed by many as a sign that more rapid reform is on the way for the nation's fiscal system, but the challenges he faces are much greater than those encountered by his predecessors.
Confidence in 62-year-old Lou comes from his rich working experience in the government's financial system and the impression he has made as a steady reformer.
Prior to his five-year term as the head of China Investment Corp, the country's $200-billion sovereign wealth fund, Lou was vice-minister of finance for nine years until 2007. He also participated in the design of the tax-sharing system between central and local governments in 1994.
Lou was among the first members of the State Council's economic reform research office established in 1986, when China took its first steps toward a market-oriented economy.
His colleagues back then, whose studies helped shape China's economic reform for the next two decades, included economist Wu Jinglian, central bank governor Zhou Xiaochuan and former top securities regulator Guo Shuqing.
Analysts say Lou's experiences as a "fund manager" equipped him with a global vision in formulating domestic fiscal policies. Meanwhile, his role in designing reforms will help accelerate the country's fiscal reform process.
But it will not be an easy journey. One of the major challenges Lou faces is the rising fiscal pressure resulting from surging expenditure amid declining fiscal revenue.
This issue was highlighted by Premier Li Keqiang at his first news conference after the annual session of 12th National People's Congress.
The central government's income grew just 1.6 percent year-on-year in the first two months of 2013, which was 10 percentage points lower than the same period in 2012. Li said the low growth rate was likely to last.
Related Readings
China's fiscal policy over past 5 years
Fiscal revenue grows slower in first 2 months
China to continue fiscal, monetary policy
Slowdown bites into China's 2012 fiscal revenues
Li Na on Time cover, makes influential 100 list
FBI releases photos of 2 Boston bombings suspects
World's wackiest hairstyles
Sandstorms strike Northwest China
Never-seen photos of Madonna on display
H7N9 outbreak linked to waterfowl migration
Dozens feared dead in Texas plant blast
Venezuelan court rules out manual votes counting
Most Viewed
Editor's Picks
|
|
|
|
|
|
Today's Top News
Boston bombing suspect reported cornered on boat
7.0-magnitude quake hits Sichuan
Cross-talk artist helps to spread the word
'Green' awareness levels drop in Beijing
Palace Museum spruces up
First couple on Time's list of most influential
H7N9 flu transmission studied
Trading channels 'need to broaden'
US Weekly
|
|
















