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Peng Zhenqiu, a Shanghai lawmaker attending the ongoing current
session of the National People's Congress (NPC), China's top
legislature, proposed an early enaction of a law governing the
fledgling lottery trade, so as to ensure that it can help stimulate
China's economic development.
Peng, vice president of the Socialism Academy of Shanghai
Municipality, called for setting up a "lottery monopoly
administration", launching a market-oriented reform to turn lottery
institutions into companies, and improving the taxation on lottery
business.
Lottery sales around the world have reached US$120 billion a
year with an annual growth of 18 percent. China's lottery business
has risen by 50 percent annually since it resumed in 1992 and, in
2002, lottery sales amounted to 45 billion yuan (about US$5.42
billion) in the country. To date, China's total lottery sales rank
the ninth in the world.
With the normal economic performance, per-capital lottery sales
in China average only to 13 yuan (nearly US$1.6), whereas in the
United States and Spain, it stands at US$100, Peng noted. This
indicates there is still a huge potential for China's lottery
industry.
He attributed the present state of China's lottery business to
the lack of a specific law, the independent operation of lottery
business and qualified distribution mechanism, and to a shortage of
competent professionals and professional means of marketing.
Relevant tax policies should be worked out to revive the business,
Peng suggested.
(Xinhua News Agency March 13, 2004)
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