After its founding in 1949,the People’s Republic of China'started to modernize its fiscal system-an essential part of its broader modernization drive.Its unified and wellfunctioning fiscal system supported the st...After its founding in 1949,the People’s Republic of China'started to modernize its fiscal system-an essential part of its broader modernization drive.Its unified and wellfunctioning fiscal system supported the stability of the nascent government,and helped stabilize the economy and restore public order after then.In the era of the planned economy,public finance in the country was put at the service of economic plans while striving to reach a fiscal equilibrium,which was of great significance at that time.Economic equilibrium,including fiscal,credit and material equilibrium,was perceived as a manifestation of macroeconomic stability.Problems encountered during the era of the planned economy led to the launch of a reform and opening-up program-a brilliant chapter in modern Chinese history.The Third Plenum of the 11th CPC Central Committee marks a brand-new era of reform and opening-up.In this transformative period,China’s fiscal system was initially decentralized to keep abreast of its“planned commodity economy.”After the goal of socialist market economic reform was announced in 1992,China’s fiscal reforms embarked on a fast track.As China'strived to build a public finance system compatible with a socialist market economic system,fiscal reforms took place and fiscal policy played a more important role in macroeconomic regulation.The Third Plenum of the 18th CPC Central Committee held in November 2013 set the goal of the reform to establish a modern fiscal system.Afterwards,China deepened its fiscal reforms,focusing on budget management,taxation and reform of central-local fiscal relations.展开更多
Over the past 40 years since the launch of reform and openingup,China’s finance has undergone substantial and fundamental changes in terms of size,structure and pattern as well as function,competitiveness,and intern...Over the past 40 years since the launch of reform and openingup,China’s finance has undergone substantial and fundamental changes in terms of size,structure and pattern as well as function,competitiveness,and international influence.Therefore,an accurate and comprehensive understanding of the current situation of China’s finance and its history in the last four decades is a prerequisite for deepening the reform and opening-up of finance and a foundation for establishing a modern financial system in China.This paper reviews the historical evolution of China’s finance over the past 40 years,focussing on the volume and market share of different types of financial assets,financing tools and mechanisms,patterns in and functions of finance,the risk structure in the financial system,financial opening,and the financial regulation model.It further proposes that in the future,China should establish a modern financial system characterised by‘large-economy finance’.展开更多
文摘After its founding in 1949,the People’s Republic of China'started to modernize its fiscal system-an essential part of its broader modernization drive.Its unified and wellfunctioning fiscal system supported the stability of the nascent government,and helped stabilize the economy and restore public order after then.In the era of the planned economy,public finance in the country was put at the service of economic plans while striving to reach a fiscal equilibrium,which was of great significance at that time.Economic equilibrium,including fiscal,credit and material equilibrium,was perceived as a manifestation of macroeconomic stability.Problems encountered during the era of the planned economy led to the launch of a reform and opening-up program-a brilliant chapter in modern Chinese history.The Third Plenum of the 11th CPC Central Committee marks a brand-new era of reform and opening-up.In this transformative period,China’s fiscal system was initially decentralized to keep abreast of its“planned commodity economy.”After the goal of socialist market economic reform was announced in 1992,China’s fiscal reforms embarked on a fast track.As China'strived to build a public finance system compatible with a socialist market economic system,fiscal reforms took place and fiscal policy played a more important role in macroeconomic regulation.The Third Plenum of the 18th CPC Central Committee held in November 2013 set the goal of the reform to establish a modern fiscal system.Afterwards,China deepened its fiscal reforms,focusing on budget management,taxation and reform of central-local fiscal relations.
文摘Over the past 40 years since the launch of reform and openingup,China’s finance has undergone substantial and fundamental changes in terms of size,structure and pattern as well as function,competitiveness,and international influence.Therefore,an accurate and comprehensive understanding of the current situation of China’s finance and its history in the last four decades is a prerequisite for deepening the reform and opening-up of finance and a foundation for establishing a modern financial system in China.This paper reviews the historical evolution of China’s finance over the past 40 years,focussing on the volume and market share of different types of financial assets,financing tools and mechanisms,patterns in and functions of finance,the risk structure in the financial system,financial opening,and the financial regulation model.It further proposes that in the future,China should establish a modern financial system characterised by‘large-economy finance’.
