Abstract
General Secretary Xi Jinping made the proposal in his report at the 19th National Congress of CPC, “We will expedite the creation of a modern public finance system, and establish a fiscal relationship between the central and local governments built upon clearly defined powers and responsibilities, appropriate financial resource allocation, and greater balance between regions. We will put in place a comprehensive, procedure-based, transparent budget system that uses well-conceived standards and imposes effective constraints; and we will implement performance-based management nationwide. We will deepen reform of the tax system, and improve the local tax system”.
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Notes
- 1.
In 2012, the fiscal arrangements for seven key expenditures in education, science and technology, agriculture, culture, health care, social security and family planning that are linked to the growth of fiscal revenue and expenditure or GDP accounted for 48 percent of the national fiscal expenditure. In recent years, there has been little change in this area (Lou Jiwei 2013).
References
Lou Jiwei, Establishing a Modern Public Finance System, People’s Daily, December 16, 2013.
Yang Zhiyong (2014), Modern Public Finance System: Basic Principles and Main Features, Sub National Fiscal Research, issue 6.
Yang Zhiyong (2015), Exploration of Modern Public Finance System: China’s Fiscal and Taxation Reform from the Perspective of National Governance, Guangzhou: Guangdong Economic Publishing House.
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Yang, Z. (2021). Expediting the Creation of a Modern Public Finance System: Goals and Strategies. In: He, D., Du, Z., Xia, J. (eds) Chinese Finance Policy for a New Era. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-33-4054-1_5
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DOI: https://doi.org/10.1007/978-981-33-4054-1_5
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