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A framework of public finance system as required by the socialist market economy has basically been established in China, said Chinese Finance Minister Xiang Huaicheng here Thursday.
Delivering a speech at the Chinese University of Hong Kong, Xiang said the system is characterized by a stable and upgraded fiscal revenue management system, a flexible and effective fiscal macro-management system and a fairly standard expenditure management system.
Since the launching of the reform and opening up, particularly since 1992 when the goal of the reform was laid down to establish the system of socialist market economy, the Chinese government has implemented all-dimensional and fundamental reforms in the system of revenue, expenditure and macro-economic management, the minister said.
Xiang said along with the further deepening of economic reform and the further expansion of opening up, the prospects of China's economic development will be even brighter.
While speaking at the 16th World Congress of Accountants here on Tuesday, the finance minister said that China plans to double its GDP of the year 2000 by the year 2010, reaching about 2 trillion US dollars.
(Xinhua News Agency November 22, 2002)
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