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This link recently saved by dbandurski on February 17, 2012
In a piece for China Newsweekly magazine, Chen Zhiwu (陈志武), a professor of finance at Yale University, talks about the relative advantages of political systems in China and the United States in terms of economic policy, and argues that owing to a lack of checks and balances "increases in tax levies in China are now completely out of control." He writes: "In China's economic environment we often see the problem of 'over-medication' (下药过猛). Negligence on the part of the National People's Congress and local governments and people's congresses necessarily create a situation of over-medication. The U.S. congress is often unable to reach compromise on this or that issue, and many Chinese suggest the U.S. senate and house are entirely powerless. But if you look at it another way, this is the way organs of power should be in a society where power is checked. They should not have the right to levy taxes however they please."
This link recently saved by dbandurski on December 13, 2011
At a economic planning session in Beijing yesterday, Chinese government officials said the emphasis for economic policy in 2012 would be "stable economic growth." In its coverage of the Central Economic Work Conference, the official People's Daily said that "the present round of crisis-prevention measures" (一轮反危机操作) would focus on tax cuts and incentives rather than stimulus spending.