Baucus Says Finance Panel to Consider Tax Code This Year

Baucus has his own deadline. He isnt running for re-election and will leave Congress Jan. 3, 2015. Senator Pat Roberts, a Kansas Republican, said the Finance panel should start with miscellaneous expiring provisions and work from there as lawmakers navigate serious differences on policy.

Debt, shadow finance bedevil China’s economy

But the economic and financial system is still run by the same secretive and elite Communist Party, and in many ways remains remarkably closed to the outside world given Chinas size and influence as the globes second-largest economy. The yuan currency is a long way off from full convertibility, while the government maintains a tight grip on the traditional banking system, with key institutions state-owned and tightly controlled. Andy Xie, a Shanghai-based independent economist formerly with Morgan Stanley, says that while Chinas banking system may look superficially similar to those of other countries, it is fundamentally different. The financial system doesnt have a say about whom to give money to, he said.

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