Money and tax system reforms

Legislation for fiscal and financial services to ensure that market plays decisive role in development and supplements governance

The Decision on Major Issues Concerning Comprehensively Deepening Reforms, a document on reform issued by the Third Plenum of the 18th Central Committee of the Communist Party of China, pays almost unprecedented attention to financial reform, saying: "The fiscal and taxation system is an important guarantee of State governance."

This is an innovative definition of finance. Both in China and Western countries, finance has long been defined only in economic terms - as an economic tool used by the government to implement macro-control. In a sense, finance almost equals "economic policy".