CHINA Banking and Insurance Regulatory
Commission chairman Guo Shuqing, dismissed charges that Beijing
is distorting the economy through "state monopoly capitalism".
Speaking at the Asian Financial Forum, Mr Guo
said private firms contribute about 60 per cent to the economy but have only
half the tax burden of state-owned enterprises.
"It's impossible for China's banks to subsidise
state-backed companies amid intensified competition in the credit market,"
said the nation's top financial regulator.
But China has come under greater international pressure in
recent years to reduce industrial subsidies after the US, Europe and Japan
agreed to push for stronger World Trade Organisation rules
against market-distorting government aid.
China recently reported economic growth that exceeded its
pre-pandemic rates in the fourth quarter, enabling it to post a full-year
expansion as major economies suffered contractions.
While growth in 2020 was the slowest in four decades, the
outperformance meant that China increased its share of the world economy at the
fastest pace on record, according to the World Bank.
In the past decade, China contributed nearly 30 per cent on
average to the world's economic growth, Mr Guo said. The competitiveness of
Chinese products didn't come at the cost of hurting its workers' interest, he
said.
Source : HKSG / Photo : China Daily.
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