"China's fiscal system stands at a critical historical juncture.
On one hand, China is at a decisive moment in winning the Three Critical Battles (三大攻坚战) and completing the comprehensive construction of a moderately prosperous society, with the dawn of victory visible on the horizon. On the other hand, the sudden outbreak of the COVID-19 pandemic at the beginning of 2020 has caused massive disruptions to socioeconomic operations, necessitating more proactive and vigorous fiscal policies. As the historical boulder approaches its mountain peak, formidable external shocks create unprecedented obstacles. History has presented fiscal policy with a grand challenge: to synergize with other policies in pushing this boulder to the summit.
Objectively speaking, after implementing large-scale tax and fee reduction reforms totaling 1.3 trillion yuan in 2018 and 2.3 trillion yuan in 2019, China's fiscal maneuverability has significantly narrowed. Under pressing circumstances, 2020 demands greater fiscal creativity within this constrained space to mitigate pandemic impacts and achieve the strategic goal of building a comprehensively prosperous society.
Public finance serves as the nation's ledger and an economic barometer. The effectiveness of fiscal actions and government interventions fundamentally depends on understanding this ledger. This report comprehensively presents and analyzes China's fiscal operations in 2019, providing assessments for 2020 fiscal policies and reforms.
Historical experience reveals two potential outcomes when confronting major socioeconomic challenges: First, fiscal authorities may act as perpetual crisis responders, with ever-changing policies exacerbating fiscal deterioration. Second, crises could be transformed into opportunities through proactive policy implementation and institutional reforms, ultimately overcoming challenges while improving fiscal systems. Historical precedents like the "Two-Tax System Reform" (两税法改革) and the 1990s fiscal decentralization reforms exemplify successful transformations. We anticipate contemporary fiscal policies to demonstrate crisis-transforming capabilities, trend-reversing actions, and pillar-strengthening contributions to China's national rejuvenation!
While being shaped by history, China's fiscal system is simultaneously making history."
————Lv Bingyang, 2020, China Fiscal Operation Report (2019/2020): Pushing the Boulder Uphill, China Renmin University Press
With authorization from Professor Lv Bingyang at Renmin University of China, CnOpenData has established a demonstration zone and data index for China's fiscal operation data to facilitate academic research.
For data downloads and additional information, please visit China Fiscal Operation Data or download directly at the bottom of this page.
Data Content
中国各地区财政运行数据 2019/2020
References
- Lv Bingyang et al., 2020, China Fiscal Operation Report (2019/2020): Pushing the Boulder Uphill, China Renmin University Press
Data Update Frequency
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