Rebalancing the Economy and Reforming the Fiscal System of the People’s Republic of China
Bahl, Roy | March 2019
Abstract
Following the 19th National Congress of the Communist Party of China in October 2017, the 13th National People’s Congress (the national legislature of the People’s Republic of China [PRC]) and Chinese People’s Political Consultative Conference were held in March 2018. The National People’s Congress amended the Constitution, endorsed a government reorganization, laid out an economic and social program meant to move toward achieving the goals of high-quality and cleaner economic growth, and adopted a focus on human well-being and reduced disparities within the PRC. The State Council’s “Report on the Work of Government” provided considerably more detail on the goals and objectives of the program but stopped short of identifying most of the specific policy interventions that are to come.
The fact that about 85% of all government expenditures in the PRC pass through provincial and local government budgets makes it clear that reforms in the intergovernmental fiscal structure will play a role in this program. The goal in this note is to lay out and discuss a package of reforms that could be consistent with the objectives of the government. The fiscal instruments that we consider here include the division of expenditure responsibilities, subnational government taxation, intergovernmental transfers, user charges, borrowing powers, and financial management practices.
Citation
Bahl, Roy. 2019. Rebalancing the Economy and Reforming the Fiscal System of the People’s Republic of China. © Asian Development Bank. http://hdl.handle.net/11540/9732. License: CC BY 3.0 IGO.PDF ISBN
978-92-9261-513-0
Print ISBN
978-92-9261-512-3
ISSN
2520-6591(print)
2520-6605(electronic)
Keywords
Urban Development Finance
Trade Finance
Small Business Finance
Rural Finance
Roundtable on International Trade and Finance
Regional Development Finance
Public Service Finance
Public Finance
Project Finance
Private Finance
Nonbank Financing
Non-Bank Financial Institutions
Municipal Finance
Local Government Finance
Local Currency Financing
Limited Resource Financing
International Financial Institutions
Infrastructure Financing
Industrial Finance
Government Financial Institutions
Government Finance
Financing of Infrastructure
Financial Sector Development
Financial Regulation
Economic evaluation
Economic Forecast
Resources evaluation
Input output analysis
Cost benefit analysis
Foreign and Domestic Financing
Cybersecurity
Taxation
Public Accounting
National Budget
Municipal Bonds
Local Government
Local Taxes
International Monetary Relations
International Financial Market
International Banking
Central Banks
Business Financing
Capital Resources
Budgetary Policy
Capital Needs
Corporate Divestiture
Capital Instruments
Pension Funds
Insurance Companies
Banks
Digital
Portfolio Management
Fiscal Administration
Economics of Education
Development Banks
Scaling-Up And Evaluation
Results-Based Monitoring And Evaluation
Public Policy Evaluation
Impact Evaluation
Performance Evaluation
Use tax
Taxing power
State of taxation
Tax-sales
Tax revenue estimating
Tax planning
Spendings tax
Special assessments
Tax administration and procedure
Sales tax
Real property and taxation
Progressive taxation
Effect of taxation on land use
Effect of taxation on labor supply
Intergovernmental tax relations
Inheritance and transfer tax
Energy tax
Risk assessment
Economic policy
Economic forecasting
Cost effectiveness
Participatory monitoring and evaluation
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Citable URI
http://hdl.handle.net/11540/9732Metadata
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