Quick review: Mar 27-Apr 2
(China Daily)
Updated: 2006-04-03 06:04 Tax burden
The State Administration of Taxation said last week that China's tax burden
is still lower than most developing and developed countries, despite a rapid
increase in tax revenues in recent years.
The country's tax burden is measured by tax revenue divided by gross domestic
product, and stood at 16.93 per cent in 2005, compared to 20.6 per cent for
developing countries and 30 per cent for industrialized nations.
China's tax burden has risen to 20 per cent, including social security taxes.
This is still lower than most developing nations, which are between 26 per cent
and 29 per cent, and developed countries, which range between 37 per cent and 41
per cent.
Postal savings
China's banking regulator will attempt to set up a national postal savings
bank this year, based on the existing savings deposit business at remote post
offices throughout the country, the China Banking Regulatory Commission (CBRC)
said last week.
Cai Esheng, vice-chairman of the CBRC, said the regulator will actively guard
against operational risks and support the development of a postal savings
network. Postal savings services were launched in 1986 with the establishment of
the China Post Savings and Remittance Bureau. By the end of 2005, the bureau had
a deposit balance of 1.3 trillion yuan (US$160 billion), making it the fifth
biggest savings institution after the "Big Four" State banks.
Metal output
China has led the world in nonferrous metal output for four consecutive
years, according to the China Nonferrous Metals Industry Association.
The country's total output of 10 nonferrous metals in 2005 increased 18.14
per cent from the previous year to 16.32 million tons.
Reforms in China's nonferrous metals industry have been effective, with the
overheated electrolysis aluminium and copper-smelting sectors now under control,
said Kang Yi, head of the association.
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