1、Five Key Issues in Deepening Chinas Reform of Fiscal and Tax SystemFive Key Issues in Deepening Chinas Reform of Fiscal and Tax SystemImpact of Hidden Debt Restructuring on Chinas EconomyImpact of Hidden Debt Restructuring on Chinas EconomyHow to Understand Chinas 12 Trillion Yuan Package for Resolv

2、ing How to Understand Chinas 12 Trillion Yuan Package for Resolving Local Hidden DebtsLocal Hidden DebtsUnderstanding Chinas Incremental Fiscal PoliciesUnderstanding Chinas Incremental Fiscal PoliciesHow to Understand the Incremental Fiscal Policies Announced at the How to Understand the Incremental

3、 Fiscal Policies Announced at the Ministry of Finance Press BriefingMinistry of Finance Press BriefingBalancing the Growth and Risk of DebtBalancing the Growth and Risk of DebtThe Fiscal Theory of the Price Level Some Inferences Based on The Fiscal Theory of the Price Level Some Inferences Based on

4、Literature ReviewLiterature ReviewFeatured011531536783CONTENTSCHINAS FISCAL POLICY AND DEBT RISKApril，20251264246636699February 27,2025 l NO.95The original Chinese text was published on February 23,2025.Policy BriefFive Key Issues in Deepening Chinas Reform of Fiscal and Tax SystemAbstract:A sound a

5、nd reasonable fiscal and tax system is a crucial safeguard for achieving high-quality development.The Third Plenary Session of the 20th CPC Central Committee has proposed to deepen fiscal and tax system reform.Based on the key characteristics of the current fiscal and tax system,this paper attempts

6、to outline five major issues that warrant attention in advancing such reform:1.Stabilizing government revenue capacity in a timely manner to ensure a solid financial foundation for government functions.2.Continuously optimizing the government revenue structure by appropriately broadening the tax bas