Fiscal reforms

Source:Global Times Published: 2014-7-5 0:33:12

China has set a schedule for a reform on its fiscal and tax regime, aiming to set up a modern fiscal and tax system by 2020, according to a statement released by the Ministry of Finance on Friday.

Major tax reforms will be carried out before 2016,  Lou Jiwei, the finance minister was cited as saying in a statement on the ministry's site.

Lou also said that it would be a priority to regulate the local government debt with a transparent budget and accountability system, and further push forward a pilot program to regulate fund-raising by local governments.

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