China’s Third Plenum Shines Light on Center-Local Fiscal Challenges

Quick Summary:

China watchers should temper their expectations and anticipate incremental changes building off of existing policy rather than deep reform.

The March Government Work Report and the National Audit Office’s recent report called for unspecified fiscal and tax reforms to address local government debt sustainability.

This kindled hopes of sweeping fiscal and tax reforms (e.g., assuming more expenditure and responsibility for public services, revising taxes to allow local governments to retain more of their revenue) at the upcoming Third Plenum.

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Article Details

Author / Journalist: Jennifer Lee

Category: Economy

Markets: United StatesBangladeshChinaHong KongIndiaIsraelNorth KoreaPakistanPhilippinesUkraine

Topics: Local China Revenue China’s Fiscal Percent Debt Plenum Reforms Governments Government

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 02:56:00 (5 days ago)

News Timezone: GMT +8:00

News Source URL: thediplomat.com

Language: English

Article Length: 2170 words

Reading Time: 13 minutes read

Sentences: 101 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Diplomat

News ID: 21654565

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