China is aiming for a "clear division" of central-local responsibilities and coordinated finances, according to the full text of its third plenum decisions. The four-day reform-focused party meeting wrapped up last week.
China is aiming for a"clear division" of central-local responsibilities and coordinated finances, according to the full text of its third plenum decisions. The four-day reform-focused party meeting wrapped up last week.
Meanwhile, the gulf between central and local wallets is widely regarded as one of the fundamental contradictions in the country’s allegedly uneven development. Tackling the issue could be crucial for a sustainable path forward in an increasingly fraught global geopolitical scenario. The decisions document of the third plenum, which lists a wide range of reform objectives to be completed by 2029 with more than 300 policy measures, pledges that the central budget will take on more expenditure and reduce the delegation of spending responsibilities to localities.
He said that the third plenum did not change the government’s policy objectives, but it introduced new measures to achieve such objectives As a result, local governments turned to auctioning land use rights for more revenue, which helped to create a real estate bubble.Chinese officials have acknowledged that the list of economic goals laid out at the third plenum which ended on Jul 18 contains many complex contradictions. A 5,000-word communique was released at the end of the four-day meeting, but it gave less detail on actual reform measures. CNA's Tan Si Hui has more.
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