Fiscal and tax reform to promote modernization

According to the communique and decision of the third plenary session of the 20th Central Committee of the Communist Party of China issued on Thursday, China will deepen the reform of the fiscal and taxation system. Comprehensively deepening of reform as well as the new round of fiscal and taxation system reform are based on the "Decision of the Central Committee of the Communist Party of China on Some Major Issues Concerning Comprehensively Deepening the Reform" which was issued by the third plenary session of the 18th CPC Central Committee in 2013. In this regard, the new round of fiscal and taxation system reform is not only part of the comprehensive deepening of reform since the third plenum of the 18th CPC Central Committee but also a new chapter in the journey to promote Chinese modernization. In other words, the breakthroughs and achievements made in the development of the modern fiscal and taxation system since the third plenum of the 18th CPC Central Committee are the starting point for planning and implementing the new round of fiscal and taxation system reform. Given these facts, the authorities need to review the fiscal breakthroughs and achievements made since the third plenum of the 18th CPC Central Committee, and implement the new round of fiscal and taxation system reform without being influenced by previous reforms.