Su Ning: Continue to strengthen macroeconomic management and push forward balanced economic growth Speech by Mr Su Ning, Deputy Governor of the People’s Bank of China, at the Forum on Balanced Growth, Beijing,23 November 2006. *  *  *  Ladies and gentlemen: It is a pleasure for me to attend the Forum on Balanced Growth.
Equity-based financing is placed at a disadvantage to debt-based financing. Admittedly, reforming business taxation is notoriously difficult and would require a strong political commitment. Also, efficiency improvements in business taxation often go hand in hand with revenue shortfalls or acute uncertainty over the fiscal effects of legal changes. Of course, financial stability considerations are only of secondary importance in the field of business taxation.