Exploring the path of China's modern financial system, local financial resources

For China, which is now in the process of reforming the deep-water zone, the goal of establishing a modern financial system is still an attempt to find a way to cross the river. The division of financial powers and powers between the central and local governments is undoubtedly the key to the success of this reform.

Recently, the second session of the Fiscal and State Governance Forum held in Beijing changed the reform of the relationship between the central government and the local authorities, that is, how the division of financial powers and powers should be raised to the level of the national legal standards and became the consensus of experts participating in the conference. The imbalanced economic development among regions led to the differences in regional and financial resources , And how accelerating China's aging population support the sustainability of social security have also become worries for experts.

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"Since the reform and opening up, a series of reform measures have been promoted in the intergovernmental fiscal relations and the division of power between the government and the government, and great achievements have been made. However, most of these reforms need not be supported at the constitutional level or even the legal level." Lou Jiwei, chairman of the Security Fund Board said.

He said that at present, there is still a strong planned economy in terms of the division of powers and responsibilities between the central government and the local government, which is highly incompatible with the socialist market economy. In the report to the 19th NPC, putting "establishing central and local relations with a clear mandate and financial balance and a balanced regional economy" in accelerating the establishment of the first place in the modern financial system means that the reform of the division of responsibilities and spending responsibilities has become the grand goal of China in realizing the two centuries Unavoidable key issues in the journey.

Lou Jiwei, former China finance minister, was once regarded as one of the most radical reformists in the Chinese government. In November last year, he stepped down as finance minister. As a scholar official, he clearly understands the current situation of fiscal reform in China.