China plans to launch a batch of new measures in 2024 and 2025 to reform its fiscal and taxation systems, said Minister of Finance Lan Fo'an at a press conference in Beijing on Saturday.
Highlighting important instructions on deepening the reforms of fiscal and taxation systems made at the third plenary session of the 20th Central Committee of the Communist Party of China, Lan said the ministry will quicken steps to roll out implementation plans and promote the implementation of reform measures.
"We must work hard to promote the implementation of reform measures. We plan to launch a batch of timely and tangible reform measures this year and the next, particularly on basic systems related to the top-level design, such as improving the budget system, perfecting the fiscal transfer payment system, and establishing a government debt management system with Chinese characteristics that is compatible with high-quality development," said the minister.
Provided that the principles and direction of reforms are followed, relevant local departments are encouraged to innovate according to their own conditions, according to the official. Lan also said the ministry plans to launch pilot scientific fiscal management programs in selected regions.
China to introduce slew of new reform measures on fiscal, taxation systems
Institutional opening-up, a key topic at this year's two sessions and in the 15th Five-Year Plan, is fundamentally about establishing long-term effectiveness through systematic, nationwide efforts rather than fragmented, short-term actions, said a deputy to the 14th National People's Congress (NPC) on Friday in Beijing.
The "two sessions", a major event in China's political calendar, refer to the annual meetings of China's top legislature, the National People's Congress (NPC), and the top political advisory body, the National Committee of the Chinese People's Political Consultative Conference (CPPCC).
Peng Shou, also an academician of Chinese Academy of Engineering, explained that by developing comprehensive pilot frameworks in free trade zones like Shanghai and the Hainan Free Trade Port, China is transforming fragmented policies into cohesive systems, such as addressing processing VAT to boost high-tech industries; and exploring the expansion of models like negative lists and digital infrastructure to create a more transparent and predictable environment for global partners.
"I believe that a system is about long-term effectiveness, it's not a short-term move, and not fragmented. It's not about handling isolated cases, but about involving everyone, the whole society," said Peng.
China has built a series of comprehensive testing grounds for institutional openness.
With 22 free trade zones covering the entire country, a full-scale pilot framework has been established. Especially in free trade zones like Shanghai and the Hainan Free Trade Port, China has launched over 110 innovative, integrated pilot measures.
"Turning previous fragmented small policies into a systematic framework is key. For example, the issue of processing and value-added tax is well addressed. By incorporating processing technologies and adding value, it drives the development of high-tech industries," said Peng.
Such models could also be promoted in other regions.
Peng also said that the Hainan Free Trade Port's special customs operations can be used as a great example.
"We may apply this negative list model to some cities or development zones. Additionally, we can focus on digital infrastructure, using AI and digital technology as a foundation in cities like Beijing and Shanghai," he said.
At its core, institutional opening-up is not just about aligning with global standards; it's about creating a more open, transparent, and predictable environment that attracts global partners, according to Peng.
By embracing this new model, China is not only enhancing its position in the global market but also reshaping its own economic future, he added.
NPC deputy emphasizes long-term, systematic impact of institutional opening-up strategies
