THE country’s new finance minister vowed Sunday to push ahead fiscal reforms, including changes in tax on manufacturing and transportation, to support the government’s goal of “high-quality” growth.

Liu Kun made the comment at the China Development Forum in Beijing, in his first public speech since being appointed finance minister this month.

He said that in 2018 China would reduce value-added tax levels for the manufacturing and transportation sectors, draft consumption tax legislation and implement a new performance review of budget management. Liu did not give details.

“The Chinese people and Chinese government officials have a deep understanding of the market economy,” the minister said.

He also said China would push forward property tax legislation and implementation, while further improving the transparency and efficiency of fiscal budget management.

Liu added that China would study a tax policy to promote foreign investment in the country and incentivize Chinese firms to invest overseas, as it faces up to the “new globalization situation.”

Speaking at the same forum, Angel Gurria, secretary general of the Organization for Economic Cooperation and Development (OECD), said China’s value-added tax reforms were crucial to its transformation from a heavy industry-based economy to one with more value-added innovation and service sectors.

China also needs to reduce government support given to State companies, Gurria said.(SD-Agencies)