Tue, August 28, 2012
Business > Economy

China may kick off reforms of income distribution in Oct

2012-08-28 04:53:01 GMT2012-08-28 12:53:01(Beijing Time)  Business China

The economic observer in its Monday report said that China might implement income distribution reform in October and currently the scheme was waiting Ministerial governors’ opinions, cited the Reuters' report on Tuesday.

The Development and Reform Commission, the country’s top economic planner, initiated a draft law about the overall scheme of income distribution reform in 2004. Later at the beginning of 2010 and in December of 2011, the regulator twice provided its plans to the State Council, China’s cabinet, however, the later rejected it both.

The Chinese media report indicated that the reform involved 10 major issues, including the standard of minimum salary, business operation budget and profit distributions of state-owned capital, tax adjustment on high income, salary management of executive manager in state-owned financial institutions and so on. The report failed to elaborate.

The report also cited the article wrote by Jin Aiwen, who is from the research center of China macroeconomic information, saying the reform will tussle with gambling of various interests among corrupted officers, monopoly enterprises, property industries, and resource-reliance industries.

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