Fiscal and tax reform to promote modernization

According to the communique and decision of the third plenary session of the 20th Central Committee of the Communist Party of China issued on Thursday, China will deepen the reform of the fiscal and taxation system.

The new round of fiscal and taxation system reform is important for further comprehensively deepening reform and promoting Chinese modernization. In fact, the 2023 Central Economic Work Conference had advocated that to improve the fiscal and tax system, a new round of reform should be implemented.

First, the reform is not a replication of previous reforms nor is it a summary or review of the progress and achievements of the reforms made so far. Rather, it is a new round of reform — a continuation of the previous rounds of reform — to achieve the set goals.