Word: bingqian
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Dates: during 1980-1989
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Other leaders decried China's woes. Charging that bribery, tax evasion, embezzlement and other crimes "have reached very serious proportions," Finance Minister Wang Bingqian demanded that the "malpractices" come to a halt. Dressed in a gray Mao suit, Wang chided officials for using public funds for "lavish dinner parties and gifts" and for "blindly pursuing the modernization of office facilities." Thanks in part to such extravagances, Wang said, the government ran a $1.9 billion budget deficit in 1986 and can expect $2.2 billion in red ink this year. Planning Commission Minister Song Ping took up the theme: "Financial and economic...
...talks. The key agreement of the three-day session was a tax treaty, to be signed during the President's visit, which encourages U.S. firms to participate in joint ventures in China. The terms call for elimination of double taxation on the American companies. Said Finance Minister Wang Bingqian, who initialed the agreement: "I am confident that we can push forward the economic and technical cooperation between the two sides...
...sure, the congress delegates were informed of some "great achievements" in the country's economic readjustment policy. Light industry, for instance, was up this year by 12% and there were impressive increases in rural incomes. Moreover, Finance Minister Wang Bingqian told the delegates that China's budget deficit for 1981 will fall to $1.6 billion, down from $8 billion last year. But heavy industrial output declined by 5% from last year. And the nation's overall growth rate was only 3%, far too sluggish for a country with an estimated per capita income of $250 annually...
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