Income redistribution on the way
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Editor's notes: The Chinese government said in the Twelfth Five-Year Plan, China's economic blueprint for the next five years, that efforts should be made to rationalize income distribution system, cement the role of tax policies in income distribution adjustment in which excessively high incomes would be adjusted, and reduce the widening gaps between urban and rural areas and among different industries. In the government work report delivered at the annual NPC session, Premier Wen said: "We will not only make the 'pie' of social wealth bigger by developing the economy, but also distribute it well on the basis of a rational income distribution system."
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"China has approved a draft plan for an amendment to the personal income tax law that would raise the threshold of taxable personal income, the State Council announced March 2, adding that the plan would be submitted to the National People's Congress, the country's top legislature, for review."
"To keep price rise in check, the government will make the most of the favorable conditions, such as the oversupply of major industrial products, ample grain reserves and abundant foreign exchange reserves."
"The central government plans to allocate 818.3 billion yuan ($119.8 billion) for agriculture, farmers, and rural areas this year, an increase of 93 billion yuan over the 2009 level. Of the total funding, up to 133.5 billion yuan will be spent to subsidize agricultural production, a year-on-year increase of 6.04 billion yuan."
