China plans fiscal reforms; aims to reduce central, local government overlap
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
China's national flag flutters at a business district in Beijing, October 29, 2015. REUTERS/Kim Kyung-Hoon
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
BEIJING (Reuters) - China will kickstart fiscal reforms in areas of national defense and basic public services this year, with plans to focus on education, healthcare and environmental protection in 2017-2018, the State Council said on Wednesday.
Reforms will "moderately increase" spending responsibilities of the central government in order to ensure public security and equality, and local governments will be given authority to manage some public services in order to better meet local needs, the announcement said.
China will clarify responsibility for government spending between national and local governments, and will also reduce overlapping responsibilities, the State Council said in a notice published on its website.
"Overlapping central and local government fiscal responsibilities must be reduced and standardized," the notice said.
China has been looking to centralize more fiscal powers in order to streamline spending and revenue collection, especially as local governments face mounting debt woes and falling tax revenues.
The country has rolled out a new value added tax system that is collected centrally, replacing a business tax system that was collected by local governments.
(Reporting by Elias Glenn and Kevin Yao; Editing by Simon Cameron-Moore)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gambia President Jammeh rejects outcome of Dec. 1 election
- Exclusive: Reinsurer Beechwood explores sale after Platinum woes - source
- Trump says to stop visa abuses that undermine U.S. workers
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!