CSSN-Fiscal system should comply with economic restructuring

Fiscal system should comply with economic restructuring

Author : Huo Wenqi Source : Chinese Social Sciences Today 2015-04-10

A research report titled Adjusting Economic Restructuring Path under Fiscal Predicament was released on March 29 in Beijing. As China’s economy enters its “new-normal” phase, consumption has replaced investment to become the main driver of economic growth, with an increasing market proportion for the service and high-tech industries. The report predicted economic changes would increase future fiscal pressure, recommending a fiscal system in compliance with China’s economic structure; adjustment to market functions; dissolving of excess capacity through market mechanism; and fostering emerging industries through market mechanism. The report also called for reforms to the financial system and related policies by offering practical measures.　　

The Chinese version appeared in Chinese Social Sciences Today, No. 721, April 1, 2015.

The Chinese link: http://sscp.cssn.cn/xkpd/xszx/gn/201504/t20150401_1569807.html

　　Translated by Du Mei　　

　　Revised by Tom Fearon

Editor: Chen Meina