The fiscal sustainability of China and the United States is of major concern globally. Based on comparative data analysis, this paper reveals that the government debt level of both countries is within the normal range...The fiscal sustainability of China and the United States is of major concern globally. Based on comparative data analysis, this paper reveals that the government debt level of both countries is within the normal range. Robust growth prospects of both countries will also vigorously support their future mitigation of government debt level. Comparatively speaking, China＇s government debt level is healthy and, despite extensive concerns, even its local government debt is not very high. The assessment that China may encounter a crisis is not supported by evidence. Yet in the long run, both countries will face pressures from increased fiscal spending on elder care and healthcare stemming from an ageing population, which will threaten their fiscal sustainability. These challenges require both countries to speed up reforms of elder care and healthcare. Specifically, China needs to focus on elder care reforms and the US should attach more importance to healthcare reforms.展开更多
This paper summarizes the main characteristics of China＇s tax revenue growth during the period of 1994-2010, and probes the causes behind the sustained and rapid growth of China＇s taxation from its sources including...This paper summarizes the main characteristics of China＇s tax revenue growth during the period of 1994-2010, and probes the causes behind the sustained and rapid growth of China＇s taxation from its sources including the fiscal and taxation system, and tax collection mechanisms. Additionally, the author lists the major challenges confronting China＇s sustainable tax growth during the ＂12th Five-Year Plan ＂period （2011-2015）, for example, slowed growth in sources of taxation, a mismatched tax system, lagging reform in fiscal structure and the management system, and restrictions in tax collection and administration capacity. The author proposes the following suggestions： 1） a structural taxation reform should be carried out to promote sustainable economic growth and a change in development model, thereby consolidating the source base of taxation; 2） to consolidate the fiscal and taxation system through taxes and fees reform, standardizing the government budget, advancing reform in the tax-sharing system, and optimizing fiscal expenditure; and 3） to strengthen tax collection mechanisms by promoting taxation by law, implementing comprehensive taxation administration in the government, and improving the tax collection capacity.展开更多
In the context of national governance,public finance is embedded into China’s economic,political,and social systems as a medium between various national subsystems.As such,fiscal sustainable development should be vie...In the context of national governance,public finance is embedded into China’s economic,political,and social systems as a medium between various national subsystems.As such,fiscal sustainable development should be viewed from a systematic and integrated perspective.This paper created an analytical framework consisting of three aspects:fiscal resource adequacy,institutional soundness and effectiveness,and external shocks.Chinese government has a relatively healthy balance sheet with adequate fiscal resources;however,it is faced with implicit debt risks and inefficiencies.China has initially established a basic fiscal framework with Chinese characteristics that are compatible with national governance,but problems remain in terms of fiscal responsibility,lawfulness,efficiency,fairness,and compatibility.When dealing with external shocks,policymakers should establish a clear fiscal policy rationale and approach based on the implications of fiscal sustainability.Fiscal sustainable development requires the strengthening of government capabilities to assess management and operation;thus,expanding available fiscal resources.Fiscal reforms should be expedited in order to create a modern fiscal system.Furthermore,a fiscal policy system should be developed and optimized according to the principles of fiscal sustainability in order to withstand external shocks.展开更多
When confronted with ecological challenges,trading ecologically friendly products involving renewable technologies,green management practices,and effluent treatment methods could alleviate ecological degradation on a ...When confronted with ecological challenges,trading ecologically friendly products involving renewable technologies,green management practices,and effluent treatment methods could alleviate ecological degradation on a global scale while considering the macroeconomic policy framework.Therefore,this study determines the effectiveness of fiscal and monetary policy instruments in moderating the relationship between green trade openness(i.e.,trade in environmentally related products)and ecological sustainability.Applying panel quantile regression on data from 20 OECD members from 2003 to 2016,we found that green trade openness supports ecological sustainability through a gains-from-trade approach.Concerning moderation effects,expenditure-driven fiscal expansion reinforces the favorable influence of green trade openness on ecological sustainability across ecologically less/moderately efficient economies,while it does the reverse for ecologically more efficient members.Taxation-driven fiscal contraction promotes ecological sustainability amelioration impact of green trade openness for economies with belowaverage ecological quality and remains neutral for those with average/above-average ecological quality.Besides,interest rate-driven monetary contraction proliferates the ecological sustainability enhancement effect of green openness.We suggest that the fiscal and monetary policies demand unambiguous coordination with the OECD’s trade policy structure for optimal environmental outcomes of trading in environmental products.These insights would help OECD’s green trade policies gain momentum to facilitate the attainment of the Climate Action agenda of the United Nations’Sustainable Development Goals.展开更多
This paper analyzes and discusses the tax system applied in Kosovo during the period from 1999 until now. It demonstrates the effects of tax policies on the country＇s economic growth and development of businesses in ...This paper analyzes and discusses the tax system applied in Kosovo during the period from 1999 until now. It demonstrates the effects of tax policies on the country＇s economic growth and development of businesses in general. This paper also addresses the impact of those policies in maintaining the social equilibrium of a population and economic stability of the country. Applied tax policies in Kosovo have been aimed more at maintaining a stable fiscal and budgetary policy. Based on the analysis of real cases of Kosovo tax laws and their impact on particular businesses, this paper will demonstrate how tax policies applied in Kosovo have given less attention to the need of economic development, which should have been reflected through promoting the development of domestic production, reduction of unemployment, and reduction of the high trade deficit. Empirical evidence from this analysis is discussed, conclusions are derived, and the recommendations of this paper are provided.展开更多
文摘The fiscal sustainability of China and the United States is of major concern globally. Based on comparative data analysis, this paper reveals that the government debt level of both countries is within the normal range. Robust growth prospects of both countries will also vigorously support their future mitigation of government debt level. Comparatively speaking, China＇s government debt level is healthy and, despite extensive concerns, even its local government debt is not very high. The assessment that China may encounter a crisis is not supported by evidence. Yet in the long run, both countries will face pressures from increased fiscal spending on elder care and healthcare stemming from an ageing population, which will threaten their fiscal sustainability. These challenges require both countries to speed up reforms of elder care and healthcare. Specifically, China needs to focus on elder care reforms and the US should attach more importance to healthcare reforms.
文摘This paper summarizes the main characteristics of China＇s tax revenue growth during the period of 1994-2010, and probes the causes behind the sustained and rapid growth of China＇s taxation from its sources including the fiscal and taxation system, and tax collection mechanisms. Additionally, the author lists the major challenges confronting China＇s sustainable tax growth during the ＂12th Five-Year Plan ＂period （2011-2015）, for example, slowed growth in sources of taxation, a mismatched tax system, lagging reform in fiscal structure and the management system, and restrictions in tax collection and administration capacity. The author proposes the following suggestions： 1） a structural taxation reform should be carried out to promote sustainable economic growth and a change in development model, thereby consolidating the source base of taxation; 2） to consolidate the fiscal and taxation system through taxes and fees reform, standardizing the government budget, advancing reform in the tax-sharing system, and optimizing fiscal expenditure; and 3） to strengthen tax collection mechanisms by promoting taxation by law, implementing comprehensive taxation administration in the government, and improving the tax collection capacity.
基金supported by the General Program of the National Social Science Fund of China(NSSFC)“Study on the Policy Design and Evaluation for the Prevention of Intergenerational Poverty Transmission through Education”(Grant No.18BJL123).
文摘In the context of national governance,public finance is embedded into China’s economic,political,and social systems as a medium between various national subsystems.As such,fiscal sustainable development should be viewed from a systematic and integrated perspective.This paper created an analytical framework consisting of three aspects:fiscal resource adequacy,institutional soundness and effectiveness,and external shocks.Chinese government has a relatively healthy balance sheet with adequate fiscal resources;however,it is faced with implicit debt risks and inefficiencies.China has initially established a basic fiscal framework with Chinese characteristics that are compatible with national governance,but problems remain in terms of fiscal responsibility,lawfulness,efficiency,fairness,and compatibility.When dealing with external shocks,policymakers should establish a clear fiscal policy rationale and approach based on the implications of fiscal sustainability.Fiscal sustainable development requires the strengthening of government capabilities to assess management and operation;thus,expanding available fiscal resources.Fiscal reforms should be expedited in order to create a modern fiscal system.Furthermore,a fiscal policy system should be developed and optimized according to the principles of fiscal sustainability in order to withstand external shocks.
基金the National Social Science Foundation of China(Grant No.21BJY226).
文摘When confronted with ecological challenges,trading ecologically friendly products involving renewable technologies,green management practices,and effluent treatment methods could alleviate ecological degradation on a global scale while considering the macroeconomic policy framework.Therefore,this study determines the effectiveness of fiscal and monetary policy instruments in moderating the relationship between green trade openness(i.e.,trade in environmentally related products)and ecological sustainability.Applying panel quantile regression on data from 20 OECD members from 2003 to 2016,we found that green trade openness supports ecological sustainability through a gains-from-trade approach.Concerning moderation effects,expenditure-driven fiscal expansion reinforces the favorable influence of green trade openness on ecological sustainability across ecologically less/moderately efficient economies,while it does the reverse for ecologically more efficient members.Taxation-driven fiscal contraction promotes ecological sustainability amelioration impact of green trade openness for economies with belowaverage ecological quality and remains neutral for those with average/above-average ecological quality.Besides,interest rate-driven monetary contraction proliferates the ecological sustainability enhancement effect of green openness.We suggest that the fiscal and monetary policies demand unambiguous coordination with the OECD’s trade policy structure for optimal environmental outcomes of trading in environmental products.These insights would help OECD’s green trade policies gain momentum to facilitate the attainment of the Climate Action agenda of the United Nations’Sustainable Development Goals.
文摘This paper analyzes and discusses the tax system applied in Kosovo during the period from 1999 until now. It demonstrates the effects of tax policies on the country＇s economic growth and development of businesses in general. This paper also addresses the impact of those policies in maintaining the social equilibrium of a population and economic stability of the country. Applied tax policies in Kosovo have been aimed more at maintaining a stable fiscal and budgetary policy. Based on the analysis of real cases of Kosovo tax laws and their impact on particular businesses, this paper will demonstrate how tax policies applied in Kosovo have given less attention to the need of economic development, which should have been reflected through promoting the development of domestic production, reduction of unemployment, and reduction of the high trade deficit. Empirical evidence from this analysis is discussed, conclusions are derived, and the recommendations of this paper are provided.
