Finance Minister Fan Lan: Research is being conducted to advance the shift of some items in the consumption tax collection process to the local level, and to optimize the policy for value-added tax credit and refund.

Minister of Finance Liu Fuan expressed in an article in the Study Times that it is necessary to continuously deepen the reform of the fiscal and tax system in order to better unleash the effectiveness of fiscal governance. It is important to study and formulate opinions on establishing a sound modern budget system, and to strengthen the integration of various budget management measures to achieve synergy and efficiency. Improvements should be made to the fiscal transfer payment system to enhance local fiscal autonomy. Research should be conducted to advance the transfer of certain consumption tax collection to local governments, optimize the value-added tax credit policy, and explore tax systems that are compatible with emerging business models. Efforts should be made to enhance the scientific management of finances and continuously improve the level of systematization, refinement, standardization, and rule of law. It is also important to conduct pilot reforms of zero-based budgeting in central government departments and support local governments in deepening zero-based budgeting reforms.