Asia New Vision Forum: Local Financial Autonomy Should Be Backed by Clearly Defined Responsibilities, Former Finance Minister Says - Caixin Global

China’s reform plan to enhance local financial autonomy should not be narrowly interpreted as simply increasing the share of local fiscal revenue, former Finance Minister Lou Jiwei said at Caixin's Asia New Vision Forum 2024 in Singapore this week.
A reform blueprint released after the Third Plenary Session of the 20th Central Committee of the Communist Party in July included commitments to “establish a balanced relationship between central and local finances, emphasizing clear responsibilities and coordinated financial resources.” The document proposed to “enhance local fiscal autonomy,” generating significant attention and speculation regarding its implications for the fiscal relationship between central and local governments.
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