ADB: China poised for economic growth & development
21 Mar '06
2 min read
Kuroda noted that those solutions are achievable given the fiscal revenue increase of about RMB 500 billion per year in the past two years. "Such an outlay is quite feasible, and would go a long way to making growth more inclusive and equitable," he said.
In addition to tackling inequalities, Kuroda said continued reform in the legal and regulatory system is needed to support the market economy and to conform to World Trade Organization rules. Considerable work needs to be done to improve the country's auditing and accounting system.
He also said inappropriate pricing of energy, use of outdated technologies, limited natural resources, and weaknesses in environmental management have left a legacy of land degradation, poor and declining water quality, air pollution, and acid rain.
"The Government's track record of reforms and excellent management of its globalization process give me confidence that such challenges can and will be met," he added.
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