Seminar with Junsheng Li

In recent years, the Chinese authority proposes to "establish a modern fiscal system and to encourage both the central and local governments to take initiatives," which signals a new direction in China's fiscal and taxation reform. The reform aims to specify and formulate financial relations between the central and local governments, and promote the active roles of both to improve the government's macro-regulatory capacities, and to allow markets to play a central role in resource allocation. This talk focused on the current state of fiscal relations between central-local governments, and the reform and development of local fiscal revenue system. Dr. Li discussed different approaches and ideas developed in China’s financial community and share his thoughts on the Neo-market Public Finance Theory, in the context of the financial system and reform in the Chinese government.