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2012, May 22

China Urged to Lower Tax to Encourage Consumption

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China Urged to Lower Tax to Encourage Consumption

by CFO Innovation Staff, 30 July 2010
topics:
Bank Borrowing/Credit Lines Finance and Banking Taxes
tags:
exchange rate IMF interest rates tax Yuan
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The International Monetary Fund urges China to implement measures such as allowing higher and more market-driven interest rates; lowering taxes to encourage consumption; and containing threats to the banking sector, reports the Wall Street Journal.

 

The yuan also needs to strengthen beyond its undervalued position against the U.S. dollar, says the Journal, citing the IMF.

 

"The current undervaluation is counterproductive and acts as a headwind to increasing private consumption. A stronger currency will help increase the purchasing power of households, raise the labor share of income, and reorient investment toward those sectors that serve the domestic market," notes the IMF report
 

Original Article URL: 
IMF Report Urges China to Consume More
Orignal Author: 
CFO Innovation Staff
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