The spillover effects from U.S. tax.....>

CHINA PRESS: The spillover effects from U.S. tax reform should not be

exaggerated, the Financial News, a newspaper managed by the People's Bank of

China, said Wednesday. The expected passage of the Trump administration's tax

reform plan will result in global tax cut competition, with the U.K., France and

India having announced they will cut their taxes, while the Japanese government

is said to be looking at reducing some taxes, too, the newspaper said. Liao

Tizhong, director of the International Taxation Department of the State

Administration of Taxation, said the Chinese government does not advocate a

China-only policy approach without thinking about the impact of policies on

other countries, saying it would be wrong to do so, the newspaper reported. Liao

stressed China opposes tax cut competition. China has preferential tax rates for

high-tech and foreign companies and taxes are not the only factor affecting

companies' decisions on where to build their factories. The newspaper noted

China still needs to take precautions and plan ahead to tackle possible

headwinds from the U.S. tax plan. (Financial News)