Chinese Finance Minister Confirmed Policy Fine-Tuning
ANBOUND
Finance Minister Lou Jiwei recently said that the financial reform is ongoing. The overall direction of the reform is as follows: Fine-tuning the central and local governments' expenditure responsibility and reasonably increase central government’s expenditure responsibility. Improve the tax system and create local tax system. The focus is to promote value-added tax and achieve complete transformation on top of promote value-added tax to all services and integrating real estate into the scope of value-added tax.