Summary of China

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Rating

7 Overall

7 Importance

8 Innovation

7 Style


Recommendation

China’s inefficient, regressive tax system hampers the country’s development and reform efforts. With its economy running out of steam, China will have to stoke its productivity and growth engines through fair and sustainable fiscal policies. This timely report from International Monetary Fund economists W. Raphael Lam and Philippe Wingender outlines how specific changes could raise tax revenues to pay for China’s growing social and environmental needs. getAbstract recommends this sensible study to executives, policy makers and China watchers.

In this summary, you will learn

  • What inefficiencies plague China’s tax system;
  • Why these problems present a challenge to the country’s future growth and prosperity; and
  • Which reforms will likely work best to make the tax system more fair, efficient and effective.
 

About the Authors

W. Raphael Lam and Philippe Wingender are economists at the International Monetary Fund.

 

Summary

In late 2013, China proposed a wide-ranging reform program that includes a redesign of its fiscal policy to promote a fairer, steadier and greener economy. China’s current tax system depends on indirect taxes on goods and services, while direct taxes on personal or corporate income make up a small share...

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