Local Public Finance Development: Langfang's Practice and Progress

Author: Wu Xiangguo
Publisher:
Publish Date: 2003-10-01
Features: Fiscal policy, as a crucial tool for national macro-control and a policy instrument to achieve government economic goals, directly impacts the smooth functioning of government functions and the healthy development of the national economy. With the comprehensive advancement of China's market-oriented economic system reform, fiscal reform has gradually become the focus of the entire reform system due to its unique position, and it has played an irreplaceable role in supporting and safeguarding the sustainable and rapid development of the socio-economy through the energy unleashed by the reform. The 5th Plenary Session of the 15th Central Committee of the Communist Party of China passed the "Proposal of the CPC Central Committee on Formulating the Tenth Five-Year Plan for National Economic and Social Development," explicitly stating that it is necessary to gradually establish a public finance framework that adapts to the socialist market economy. This has pointed out the direction for China's fiscal reform and development in the future, marking a new stage for China's fiscal reform and development.