The Chinese government said it would deepen fiscal reform and accelerate improvement of the public finance system.
The government announced that the tax system would be simplified, rural taxes reduced and collection improved while government investment will be adjusted and reduced.
The government said, while investment will be reduced to take account of the growing contribution of the private sector, it would continue to invest in large infrastructure projects such as the Qinghai-Tibet railway and allocate funds to address problems of uneven development.
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