Reform brings 'fair competition climate'

China has made remarkable progress in reforming its tax system in the three decades since the nation's reform and opening up began, particularly since the industrial and commercial tax reforms of 1994, according to Vice-Minister of Finance Wang Jun.

A taxation system compatible with China's socialist market economy has been established and "a fair competition climate for diverse enterprises has been formed", Wang noted.

He told China Daily before the opening of the International Tax Dialogue Global Conference now underway in Beijing that "in recent years, in a bid to meet the demand of economic and social development in China, the nation has established a more simplified taxation system with a broader tax collection base, lower taxes and stricter collections".