Modern fiscal system key for socialist market economy

The third plenary session of the 20th Central Committee of the Communist Party of China, held from July 15 to 18, adopted the resolution on further deepening reform comprehensively to advance Chinese modernization. Eleven years ago, in 2013, the third plenary session of the 18th CPC Central Committee adopted the "Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Continuing the Reform" in order to establish a "proper relationship" between the government and the market, and allow the market to play a decisive role in resource allocation and better leverage the role of the government.

In the years since the 18th National Congress of the CPC in 2012, China has realized that modernizing the fiscal system is necessary to comprehensively deepen reform, and establishing a modern fiscal system is essential for building a high-level socialist market economy and advancing Chinese modernization.

Modernization of fiscal and tax system