Signifteant decisions were reached at the Conference, pre-eminent among Which were: reduction of farm taxes and reform of the land administra~ ton; abolition of exorbitant taxes and" levi reform of the business tax; reduction of provincial and district expenditures to facilitate stabil zation of budgets; setting aside part of the proceeds of the stamp tax revenue for subsidy to provincial governments and transfer" of the tobacco and wine leense tax to the local authorities; and increased cooperation between national and provineial authorities in regard taxation, ence with falling prices clearly shows that nothing more seriously impairs
a considerable period of drastic! Price decline.
At a time when other countries have been depreciating their monetary units in order to check deflation and bring about recovery, China, whose currency is on a metallic basis, has seen the value of its monetary" unit steadily appreciate. This tends to throttle foreign trade. China's exports cannot well compete in world markets it takes steadily increasing amounts of foreign currency to buy, Chinese dollars. "If the Chinese exporter is 10 retain his markets, it must be by marking down prices, thereby communicating the evils of deflation to producers throughout the country. Furthermore, a very Jarge part of (China's exports is pald for by remi tances from overseas Chinese. The rising value of the Chinese dollar tends to reduce the amount of such remittances.
The results of the Conference have been highly gratifying.
Since the conclusion of the Conference, the provincial and district have taken effective measures to. abolish burdensome levies and to. reduce taxation, and at the same. time to curtail expenditures and Institute a local budgetary system. Between July and December last year, over 3,800 items of miscellanetaxes, representing a revenue of ments; while during the first eight months of this year further progress hag been reported in the form of
Text read from the printed page and cleaned; old type leaves the occasional error.