Ministry of Finance: Deepen Fiscal and Tax System Reform, Accelerate the Formulation and Implementation of Opinions on Improving the Budget System

WealthCoffee · 2026-03-17T13:13:28+00:00

The Ministry of Finance has proposed a plan to deepen fiscal and tax system reforms in 2026, which will strengthen the budget system, expand zero-based budgeting reform pilot programs, improve the local tax system and transfer payment management, in order to enhance the coordination and allocation capacity of fiscal resources and budgets.

WealthCoffee

2026-03-17 13:13:28

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[Caixin] Regarding the work to deepen fiscal and tax system reforms in 2026, the Ministry of Finance stated that it will accelerate the formulation and issuance of opinions on improving the budget system, further promote pilot programs for scientific fiscal management, expand the scope of the central government’s zero-based budgeting reform pilots, accelerate the construction of expenditure standard systems, improve the local tax system, and enhance transfer payment management.

The “2025 China Fiscal Policy Implementation Report” (hereinafter referred to as the “Report”) released by the Ministry of Finance on March 17 disclosed these points. Among them, “accelerating the formulation and issuance of opinions on improving the budget system” also appeared in the recently approved 2026 budget report reviewed by the National People’s Congress, representing a new formulation.

Based on the deployments since the Third Plenary Session of the 20th Central Committee, improving the budget system mainly involves increasing the coordination of fiscal resources and budgets, including all government revenue and expenditure in the budget and implementing a unified budget management system, as well as improving the budget for state-owned capital operations.

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