Reforms to China's financial administration following the 16th CPC National Congress

In November 2002, the 16th National Congress of the Communist Party of China proposed a blueprint of building a comprehensive well-off society in an all-round way in 2020. Since 2003, China's economic strength has been significantly enhanced. The socialist market economic system and its accompanying macro-control system have been improved. In response to some deep-seated contradictions and outstanding problems facing the economic and social development, the central government has proposed a series of solutions. This period is also the stage of improving and deepening China's financial reform. Great progress has been made in the reform of the basic framework of the fiscal system, the fiscal expenditure management reform, the tax reform, the financial management reform, and the financial macro-control. Moreover, new breakthrough and improvement initiatives are brewing.