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Fiscal Transfer Fund System Needs Reform

CHINA PRESS
MNI (BEIJING)
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Authorities should reform China’s central-to-local fiscal transfer payment system to account for the country’s floating population of 400 million workers to ensure large cities have the funds to provide basic public services such as education, according to Zhang Licheng, a researcher at the Chinese Academy of Fiscal Sciences, speaking at a recent fiscal forum. Xu Hangmin, secretary-general of the Guangdong Finance Society, said local areas currently receive funds in proportion to their fiscal gap, making the system into a reverse incentive that needs correction. The government should strengthen fund monitoring and compliance to avoid unreasonable fiscal gaps, Xu added.

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Authorities should reform China’s central-to-local fiscal transfer payment system to account for the country’s floating population of 400 million workers to ensure large cities have the funds to provide basic public services such as education, according to Zhang Licheng, a researcher at the Chinese Academy of Fiscal Sciences, speaking at a recent fiscal forum. Xu Hangmin, secretary-general of the Guangdong Finance Society, said local areas currently receive funds in proportion to their fiscal gap, making the system into a reverse incentive that needs correction. The government should strengthen fund monitoring and compliance to avoid unreasonable fiscal gaps, Xu added.