Fiscal balance in central-local ties stressed
China DailyFile photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, East China's Jiangsu province. Zhu Guangyao "The key is to take necessary steps to achieve the goals," he said, referring to reform measures that aim to increase the central government's expenditure responsibility and allocate more fiscal resources to local governments. "The central government must take more responsibility, and at the same time, reduce some responsibility on local governments," Zhu said. He said he believes such a large amount of transfer payment necessitates reforms to increase direct financial strength for local governments while increasing the central government responsibility accordingly. With economic development, you can collect tax revenue based on the law, and solve the problems regarding how to allocate responsibility and power between central and local governments," he said.
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