Xie Xuren News
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China will cut spending on business travel, vehicles, and entertainment this year by 1.6 percent to 7.97 billion yuan ($1.29 billion) to crack down on wasteful expenditure, the Ministry of Finance said today.
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Xi Jinping was named China’s president by the national legislature, replacing Hu Jintao in the country’s most rapid formal transfer of power in more than a generation.
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Agustin Carstens, Mexico’s central bank chief, used a trip to China to call on emerging-market countries to rally behind his bid to become the first non- European to lead the International Monetary Fund.
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China began installing a new economic leadership by indicating that central bank Governor Zhou Xiaochuan will step aside and Vice Premier Wang Qishan, the top finance official, will move to a new role.
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A decision by the Chinese central bank chief and finance minister not to attend International Monetary Fund meetings in Tokyo this week is “regrettable,” Japan’s finance minister said, as tensions lingered over an island dispute.
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U.S. and China must focus on global economic stability which is at risk because of the European debt crisis in their Strategic and Economic Dialogue, Xie Xuren , China’s finance minister wrote in a opinion piece in the Washington Post yesterday.
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Regional Chinese governments increasingly use “illegal and irregular” methods to fund their work, the Finance Ministry said, drawing attention to the challenges China faces in tackling $1.7 trillion in local debt.
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China will probably see little slowdown in growth this year even as its government needs to overhaul its economy to manage expansion over the next two decades, World Bank President Robert Zoellick said.
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Chinese Finance Minister Xie Xuren said the nation may expand property-tax trials, as the government prolongs efforts to cool the real-estate market, make housing affordable and limit asset bubbles.
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Japan and China will seek to coordinate on supporting the International Monetary Fund’s effort to contain Europe’s debt crisis, Japanese Finance Minister Jun Azumi said.
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