Xiang Songzuo, Chief Economist, Agricultural Bank of China—Overhauling China’s income distribution system is now the country’s greatest challenge and is tied to the stability of the entire nation. From within the system, there is increasing corruption, embezzlement, government-business collusion, abuse of privilege, and the continual increase of bureaucratic influence that will require action to constrain. There’s a need to increase personal income tax collection and crack down on tax evasion by the wealthy. In addition, there’s an urgent need to implement property tax, resource tax, and estate duty/inheritance tax. The political system is in dire need of reform. Otherwise, new policies that intend to decrease the tax burden on our people will result in more severe burdens on other aspects of their life.
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SR: The Week’s China Reads
Every week, China Program’s Senior Advisor Dr. Robert A. Kapp compiles a reading list and provides commentary, for you to better understand China.
Robert A. Kapp is senior advisor to the China Program at the Carter Center. He has been principal of Robert A. Kapp and Associates, a business consulting firm, since 2004. From 1994 through 2004 he served as President of the United States-China Business Council…