The present paper describes the trajectory of China＇s fscal and tax reform in the past 40 years, which can be summarized in five phases. The reform commenced with ＂＇decentralizing power and transferring benefits....The present paper describes the trajectory of China＇s fscal and tax reform in the past 40 years, which can be summarized in five phases. The reform commenced with ＂＇decentralizing power and transferring benefits. ＇＂ Then, under great fiscal pressure, institutional reform was instigated, which aimed to establish a new fiscal and tax system. To regulate the government revenue and expenditure beyond the fiseal and tax system, reforms were put in place to build an institutional framework for public finance. As the fiscal and tax reform had gradually entered the more sophisticated phases, China took a series of measures to further improve the public finance system. Since 2012, based on the overall plan of comprehensively deepening reform, China has embarked on establishing a modern public finance system. The present paper characterizes China＇s fiscal and tax reform as gradually moving toward a system that aligns with the overall reform and complements the goal of marketization and modernization of state governance.展开更多
Based on the Decisions of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening Reforms and the Overall Plan on Deepening Fiscal and Tax Reforms, this paper presents a systematic assessme...Based on the Decisions of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening Reforms and the Overall Plan on Deepening Fiscal and Tax Reforms, this paper presents a systematic assessment of the progress of China's new round of fiscal and tax reforms from November 2013 to October 2016 with the following findings. Reform of the budgetary management system has yielded initial results yet remains in the preliminary stage. While progress has been made in reforming indirect taxes, the reform of direct taxes is slow and presents a major obstacle. Despite breakthroughs, the progress of public finance reforms remains slow and impedes reforms on other fronts. Fiscal and tax reforms are uneven and should be implemented in coordination. Fiscal and tax reforms should more vigorously support overall reforms.展开更多
In recent years,the risks and challenges at home and abroad have increased significantly,and the downward pressure on the economy has increased,especially the implementation of larger-scale tax and fee cuts under the ...In recent years,the risks and challenges at home and abroad have increased significantly,and the downward pressure on the economy has increased,especially the implementation of larger-scale tax and fee cuts under the proactive fiscal policy,while the rigidity of local fiscal expenditure has not been reduced,and the sustainable development of local finance is facing greater challenges.In particular,the COVID-19 pandemic has had a serious impact on the already stressed local finance,which has led to the intensifi ed contradiction between local fiscal revenue and expenditure.This paper analyzes the challenges to the sustainable development of local finance under the impact of COVID-19 from four angles:the greater economic downward pressure combined with larger-scale tax and fee cuts,the fiscal relationship between the central and local governments,land finance,and transfer payment,then puts forward the corresponding policy recommendations.展开更多
文摘The present paper describes the trajectory of China＇s fscal and tax reform in the past 40 years, which can be summarized in five phases. The reform commenced with ＂＇decentralizing power and transferring benefits. ＇＂ Then, under great fiscal pressure, institutional reform was instigated, which aimed to establish a new fiscal and tax system. To regulate the government revenue and expenditure beyond the fiseal and tax system, reforms were put in place to build an institutional framework for public finance. As the fiscal and tax reform had gradually entered the more sophisticated phases, China took a series of measures to further improve the public finance system. Since 2012, based on the overall plan of comprehensively deepening reform, China has embarked on establishing a modern public finance system. The present paper characterizes China＇s fiscal and tax reform as gradually moving toward a system that aligns with the overall reform and complements the goal of marketization and modernization of state governance.
文摘Based on the Decisions of the CPC Central Committee on Some Major Issues Concerning Comprehensively Deepening Reforms and the Overall Plan on Deepening Fiscal and Tax Reforms, this paper presents a systematic assessment of the progress of China's new round of fiscal and tax reforms from November 2013 to October 2016 with the following findings. Reform of the budgetary management system has yielded initial results yet remains in the preliminary stage. While progress has been made in reforming indirect taxes, the reform of direct taxes is slow and presents a major obstacle. Despite breakthroughs, the progress of public finance reforms remains slow and impedes reforms on other fronts. Fiscal and tax reforms are uneven and should be implemented in coordination. Fiscal and tax reforms should more vigorously support overall reforms.
文摘In recent years,the risks and challenges at home and abroad have increased significantly,and the downward pressure on the economy has increased,especially the implementation of larger-scale tax and fee cuts under the proactive fiscal policy,while the rigidity of local fiscal expenditure has not been reduced,and the sustainable development of local finance is facing greater challenges.In particular,the COVID-19 pandemic has had a serious impact on the already stressed local finance,which has led to the intensifi ed contradiction between local fiscal revenue and expenditure.This paper analyzes the challenges to the sustainable development of local finance under the impact of COVID-19 from four angles:the greater economic downward pressure combined with larger-scale tax and fee cuts,the fiscal relationship between the central and local governments,land finance,and transfer payment,then puts forward the corresponding policy recommendations.
