Report on China's central, local budgets (2012)


1.Strengthening and Improving Macro-control Through Fiscal Policy

We will closely follow developments and changes in the economic situation, oversee and inspect implementation of a proactive fiscal policy, and strike a balance between maintaining steady and robust economic development, restructuring the economy, and managing inflation expectations. We need to maintain continuity and stability in our fiscal policy, make macro-control using fiscal policy more targeted, flexible, and forward-looking, and stress fiscal sustainability. We need to give full play to the role of fiscal policy in our efforts to promote economic restructuring; boost consumer spending; support scientific and technological innovation, energy conservation, and environmental protection; develop strategic emerging industries and the modern service industry; promote coordination among regions and balanced urban and rural development; and make economic development more sustainable and cost-effective. We will make good use of the role fiscal policy plays in stabilizing prices. We will strive to ensure that grain output remains stable and even grows, and increase the supply of major agricultural and subsidiary products. We will strengthen the reserve and release of important commodities and materials, and support imports of daily necessities and important raw materials. We will develop a modern system for distributing agricultural products, reduce the tax burden on logistics companies and those who produce and distribute farm products, improve the road tolling policy, and effectively lower distribution costs. We will improve the mechanism to link social aid and social security benefits with price rises, and implement subsidy policies targeted at urban and rural subsistence allowance recipients, childless and infirm rural residents who receive the five forms of government support, and junior college and secondary specialized school students from poor families.

2. Deepening Reform of Fiscal and Tax Systems

We will improve the system of transfer payments by further raising the scale and proportion of general transfer payments, eliminating and consolidating some special transfer payments, and using transfer payments more effectively. We will improve fiscal management systems at and below the provincial level, refine the mechanism for ensuring basic funding for county-level governments, further balance the distribution of financial resources at and below the provincial level, and increase the ability of county-level governments to deliver basic public services. We will deepen reform of the budget management system, improve public finance budgets, make budgets for government-managed funds more standardized and transparent, expand the coverage of state capital operations budgets and gradually increase expenditure appropriations from them for social security and other areas related to people's lives, and improve the budgeting system for social insurance funds. We will extend the reform of preparing departmental budgets to the county level, and introduce the system for the Treasury's centralized revenue collection and expenditure payments at all levels of governments and their subsidiary agencies that prepare their own budgets. We will push ahead with the government accounting reform, and phase in a system for reporting government financial affairs. We will act more quickly to create an effective performance-based budget management system. We will improve the VAT system, and continue the experiments on replacing business tax with VAT. We will refine the excise tax system to encourage energy conservation, emissions reductions, and rational consumption. We will continue to reform resource taxes to promote resource conservation and environmental protection. We will study and design a plan for reforming taxes on owning and selling homes, and steadily advance pilot reforms of the property tax. We will reform the urban construction and maintenance tax and deepen reform of environmental protection taxes and fees. We will continue to review and consolidate administrative charges and government-managed funds in accordance with the principle of rectifying taxes and eliminating fees.

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