Vice Minister Of Finance: The Financial Risks Facing China Are Controllable.

Zhu Guangyao, Vice Minister of finance of China, said on 18 July that China is facing some important indicators. financial risk It is controllable, and China's financial development has maintained a good momentum.

On the morning of that day, Zhu Guangyao and Vice Foreign Minister Cui Tiankai and Zhang Tao, director of the international division of the people's Bank of China held a briefing on Chinese and foreign media, introducing the situation of President Hu Jintao's visit to Canada and attending the Toronto summit of the group of twenty leaders.

Zhu Guangyao said that between 2002 and 2008, China's fiscal deficit decreased year by year. In 2009, faced with the unprecedented challenges of the international financial crisis, China implemented a proactive fiscal policy and a package of economic stimulus plans. Gross domestic product The proportion is still strictly controlled below 3%, to 2.9%. This year, the deficit is estimated to be around 2.8% of GDP.

He stressed that even in this healthy and good situation, the Chinese government still attaches importance to economic balance and stable development. We must deal with the relationship between economic growth, structural adjustment, controlling inflation expectations and controlling fiscal deficits and financial risks.

Zhu Guangyao introduced the principles of the Ministry of Finance in financial management and rectification: first, we should continue to strengthen. debt management Two, we should improve the financial system and social security system, guard against and defuse potential risks; the second is to regulate the financing behavior of local governments, and gradually establish a local government debt management system that is suitable for the market economy and manage standardized and efficient operation; the three is to deepen the reform of fiscal and taxation systems, vigorously promote the scientific and meticulous management of finance, explore the implementation of the mid-term budget, take the necessary measures to increase revenue, reduce expenditure and optimize the expenditure structure, so as to ensure the sustainability of the financial sector and serve the overall situation of China's economic development.

Zhu Guangyao said strengthening fiscal consolidation is an important economic issue facing the group of twenty. An important aspect of this summit is to maintain a strong, sustainable and balanced growth of the economy, which includes the need to improve fiscal and maintain a healthy fiscal posture.

He believes that in this extremely complicated economic situation, on the one hand, we must rectify the financial sector and rectify it to the healthy development of the economy, which is a "growth friendly" financial rectification.

In addition, Zhu Guangyao briefly reviewed the Washington summit, London summit and Pittsburgh Summit on the role of the group of twenty in coordinating global economic policies and coping with crises. He said the first three summits played an important historic role. President Hu Jintao's proposal on behalf of the Chinese government at the summit was welcomed and widely concerned by the world, leading the three summit to achieve important results.

Cui Tiankai said that the summit of leaders of the group of twenty is an important platform for the international community to cope with the international financial crisis and strengthen international economic cooperation. The Toronto summit is the first summit since the summit of the group of twenty leaders was institutionalized. It has the significance of connecting the past and the future. China hopes that the summit will fully implement the consensus of the previous three summits, safeguard the credibility and effectiveness of the twenty group and consolidate the status of the twenty nation group as the main forum for international economic cooperation.