Back Matter

Back Matter

Author(s):
W. Raphael Lam, Markus Rodlauer, and Alfred Schipke
Published Date:
January 2017
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    Index

    A

    • Administration for Industry and Commerce, tax registration and, 100

    • Administrative assessment, of tax administration, 83

    • Administrative Measures for the General Anti-Avoidance Rules, of SAT, 81n10

    • Administrative reviews, for SAT, 106, 106n44

    • Age dependency, 28t

      • social security and, 17–18, 143

    • Agricultural Bank of China, 281

    • Agriculture

      • taxation of, 78n5

    • Air pollution, 10

      • taxation on, 66–67

    • Alcohol, taxation of, 61

    • Alibaba, 24, 285

    • Alipay, 285–86

    • AMCs. See Asset management companies

    • AML/CFT. See Anti-money laundering and counterterrorism

    • Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), 21, 216, 216n5, 260, 263

    • Ant Financial, 285

    • Anti-money laundering and counterterrorism (AML/CFT), 271

    • Arbitrage

      • capital flow liberalization and, 228, 242

      • nontraditional lenders and, 292

      • WMPs and, 292

    • AREAER. See Annual Report on Exchange Arrangements and Exchange Restrictions

    • Arrears collection, by SAT, 104–5

    • Asset management companies (AMCs), 282, 291

      • private sector and, 284

    • Association of Southeast Asian Nations, 124

    • Atkinson, A. B., 61

    • Audits

      • for local government finances, 171

      • by SAT, 103–4

      • of VAT, 103, 103n42

    • Augmented debt

      • GDP and, 8, 181

      • IMF and, 118n1

      • local government finances and, 181

    B

    • Bad loans, 284

    • Bai, C. E., 194–95, 195n1

    • Balanced-budget rules, 186–87

    • Balance of payments, 27t

      • PBC and, 20, 198

      • SDR and, 275

    • Balance of Payments and International Investment Position Manual (BPM6), by IMF, 343, 343n7

    • Bankers’ acceptances, 295–96

    • Bank for International Settlements (BIS), 254–55

    • Banking system. See Financial sector

    • Bank of China, 281

    • Barnett, S., 70

    • Base erosion and profit shifting (BEPS), 96

    • Basel III, 241

    • Benefit formula, for pensions, 144, 145t, 155, 159

    • Benefit tax principle, recurrent property tax and, 70

    • BEPS. See Base erosion and profit shifting

    • BIS. See Bank for International Settlements

    • Blinder, A. S., 193

    • Bond markets, 300–302

      • corporate, 209, 301

      • inflation and, 209

      • RMB in, 253–54

      • See also Local government bonds

    • Bond yields, 209

      • interest rates and, 20, 197, 199–201, 200t, 201t

      • reserve requirement and, 198

    • Bottom-up baseline expenditure forecasting, in MTEF, 17, 122, 128, 129, 131, 139

    • BPM6. See Balance of Payments and International Investment Position Manual

    • Brazil

      • DGI and, 353f

      • local government finances in, 188

      • SOEs in, 312t

      • tax revenues in, 37f

    • Brazil, Russia, India, China, and South Africa (BRICS), 223, 225f

    • Budget Law

      • local government finances and, 19, 164, 171–75, 291

      • MTEF and, 16

      • revisions to, 181, 182t–185t, 185

      • transparency and, 19

    • Businesses

      • compliance risk management for, 113

      • lump-sum taxes for, 102

      • property tax on, 70

      • See also Corporations; Private sector; State-owned enterprises

    • Business turnover tax, 29, 33, 36

      • VAT from, 33, 60, 60n11

    C

    • Canada

      • DGI and, 353f

      • environmental taxes in, 63f

      • M1 in, 193

    • Capital buffers

      • for capital flow liberalization, 234

      • LGFV and, 172

    • Capital flow liberalization, 21–22, 22t, 215–44

      • arbitrage and, 242

      • binding of controls for, 223–29

      • capital buffers for, 234

      • capital inflows and outflows and, 223–24, 227f

      • cases for and against further measures toward, 230–32

      • convertibility and, 216–29, 216n6

      • cross-border portfolio investment and, 220

      • currency-based controls for, 240

      • de facto integration and, 216n6, 224f, 233

      • de jure measures of, 216, 218f

      • depreciation and, 233

      • domestic and international impact of, 238, 239t

      • exchange rates and, 230f, 232–33

      • FDI and, 217, 217n7, 218, 223–24, 226t, 232, 237

      • financial sector and, 233–34

      • foreign exchange markets and, 223, 233

      • future options for, 232–43

      • history of, 217

      • inflow surges with, 240–42

      • liquidity buffers for, 234

      • macroprudential policy and, 234, 241–42, 241n28

      • monetary policy and, 233

      • net errors and omissions with, 228, 229f

      • outflow surges with, 242–43

      • PBC and, 233, 234

      • present situation with, 216–29

      • quotas and, 235

      • removing controls for, 234–40

      • residency-based controls for, 240

      • risks of, 240–43

      • RMB internationalization and, 221–23

      • schemes to ease portfolio investment controls, 218, 221t

      • supporting policies for, 232–34, 236t–237t

    • Capital gains

      • in selected countries, 186f

      • SOEs and, 320t

      • taxation of, 44, 53, 57f, 59

    • Capital income, taxation of, 43, 49–50, 54, 71

    • Capital markets, 285

      • RMB internationalization in, 260, 263

    • Carbon emissions, 10

      • taxation for, 65–66, 65n12, 66n13

      • trading scheme for, 15, 29

    • CBRC. See China Banking Regulatory Commission

    • Central government

      • debt of, 350

      • MTEF and, 135

      • Pensions for Urban Workers and Staff and, 144

      • taxes of, 36–37, 77

      • tax sharing by, 8, 37, 39t–40t, 41f, 165f–167f, 168, 179t

    • Child tax credit, 51

    • China Banking Regulatory Commission (CBRC), 295

      • PBS and, 347

      • on WMPs, 296–97

    • China Construction Bank, 281

    • China Development Bank, 281

    • China Insurance Regulatory Commission, 304

    • China Interbank Bond Market (CIBM), 263, 267, 268

    • China Securities Regulatory Commission (CSRC), 220, 301

    • China Tax Administration Information System (CTAIS), 84–85, 107–8

    • China Utility-Based Energy Efficiency Finance program, 206

    • Chinese Academy of Environmental Planning, 62

    • CIBM. See China Interbank Bond Market

    • City commercial banks, 281

      • lending and deposits of, 286

    • Clements, Benedict, 149n9

    • Climate change, 10

    • Coal industry, 25

      • environmental taxes for, 64f, 67–68

    • Cobb-Douglas production function, 329

    • Communication, improvements in, 12–13

    • Communist Party, 13

      • SOEs and, 25, 318–20, 321

    • Compliance risk management

      • for SAT, 98–99, 98n36, 99n37

      • for small businesses, 113

    • Consumer price index (CPI), 195, 195n1, 338, 339

      • SVAR and, 193, 195, 211–12

    • Consumer-to-consumer transactions, 87n16

    • Consumption

      • rebalancing of, 7

      • tax, 78n6

    • Convertibility, capital flow liberalization and, 216–29, 216n6

    • Coordinated Direct Investment Survey, 343

    • Coordinated Portfolio Investment Survey, 343

    • Corporate bond market, 209, 301

    • Corporate income tax, 56f–57f

      • current situation of, 55–58

      • investment projects and, 55, 55n6

      • proposed reform for, 58–59

      • for SMEs, 57–58, 58t

      • tax rates for, 55–56, 55n5, 58n8

    • Corporate taxation, 33

      • shared by central and local government finances, 37

    • Corporations, multinational, 16, 97

    • CPI. See Consumer price index

    • Credit growth, 8, 9f

    • Credit information system, interest rates and, 206, 209

    • Cross-border portfolio investment, capital flow liberalization and, 220

    • CSRC. See China Securities Regulatory Commission

    • CTAIS. See China Tax Administration Information System

    • Currency-based controls, for capital flow liberalization, 240, 240n24

    • Currency internationalization, 250–52

      • private sector and, 250

      • See also Renminbi internationalization

    • Currency swap agreements, 251

      • PBC and, 270

      • with RMB, 254

      • RMB internationalization and, 270

    D

    • Data Gaps Initiative (DGI), of G20, 26, 333, 337, 345, 353f

    • Debt, 118, 118n1

      • of central government, 350

      • in local government finances, 30, 175, 186–89, 187f

      • of SOEs, 314

      • See also Augmented debt

    • Debt-swap program, 172, 208

    • Debt-to-GDP ratio, for local government bonds, 175n6

    • Decision-making phase, for MTEF, 129–31

    • De facto integration, capital flow liberalization and, 216n6, 224f, 225f, 233

    • Default assessments, by SAT, 105

    • De jure measures, of capital flow liberalization, 216, 218f

    • DENG Xiaoping, 3, 217

    • Dependency ratio, 17–18, 28t

    • Deposits

      • of financial sector, 286–88

      • insurance for, RMB internationalization and, 269

      • of JSCBs, 286

      • rates of, interest rates and, 197

      • of rural banks, 286

      • of state-owned banks, 286

    • Depreciation

      • capital flow liberalization and, 233

      • of RMB, 264–65, 265f–266f

    • Development and policy banks, 281

    • Development Research Center, 86n15

    • DGI. See Data Gaps Initiative

    • Digital HR initiative, 107, 109

    • Direct tax reforms, 38–59

      • See also Corporate income tax; individual income tax

    • Dispute resolution, by SAT, 105–6

    • Dividends

      • efficiency, 130

      • taxation of, 44, 50, 52–53, 52n4

    • Dollar, 251n1

      • in IMS, 272

      • RMB and, 268

    • Dollar, D., 329

    • Domestic demand, rebalancing of, 6, 7f

    • DSGE. See Dynamic stochastic general equilibrium

    • Dual income tax system, 15, 49–50, 52, 71

    • Dynamic stochastic general equilibrium (DSGE), 196

      • loan-to-deposit ratio and, 198

      • quantitative loan limits and, 199

      • reserve requirement and, 198

    E

    • EBS. See Electronic Broking Services

    • e-commerce, 87, 87n16

    • Economic indicators, 27t

    • Education, 28t

    • Efficiency

      • dividend, 130

      • versus equity, 42

      • of tax system, 42

    • e-GDDS. See Enhanced GDDS

    • Eichengreeen, Barry, 231

    • e-invoicing. See Electronic invoicing

    • Electronic Broking Services (EBS), 255, 274–75

      • foreign exchange markets and, 257

    • Electronic invoicing (e-invoicing), 108

    • Endowments, lump-sum taxes on, 61

    • Energy prices, environmental taxes and, 68

    • Enhanced GDDS (e-GDDS), 336

    • Enterprise Income Tax Law of 2008, 55, 81

    • Entrusted loans, 295

    • Environment

      • social indicators for, 28t

      • tax system and, 10

    • Environmental Protection Law, 66

    • Environmental taxes, 15, 33, 61, 63f–64f

      • current situation for, 62–65

      • energy prices and, 68

      • proposed reforms for, 65–68

    • Equity, versus efficiency, 42

    • Equity markets, 23, 302–4

      • volatility in, 4f

    • Exchange rates

      • capital flow liberalization and, 228–29, 230f, 232–33

      • RMB internationalization and, 269

    • Excise tax, 78n6

    • Expenditure baseline, for MTEF, 128–29

    • Export-Import Bank of China, 281

    • Exports and imports, China’s share of, 335f

    • Exterior sector statistics, 343–44

    F

    • FDI. See Foreign direct investment

    • Financial Activities Tax, 62

    • Financial Crisis Response Group, 234

    • Financial frameworks. See Monetary and financial frameworks

    • Financial sector

      • AMCs in, 282, 284, 291

      • bad loans in, 284

      • bankers’ acceptances in, 295–96

      • capital flow liberalization and, 233–34

      • city commercial banks in, 281, 286

      • deposits of, 286–88

      • development and policy banks in, 281

      • entrusted loans in, 295

      • foreign banks, 281

      • fund management companies in, 282

      • fund management subsidiaries in, 282

      • insurance companies, 285, 291, 303

      • interbank funding in, 299–300

      • interest rates and, 201–2

      • intermediating products in, 292–93

      • Internet banking, 285–86

      • investment receivables in, 294–95

      • JSCBs, 281, 286

      • lending by, 286–88

      • nontraditional lenders in, 288–300, 289f

      • rapid change in, 279–305

      • reforms in, 29

      • rural banks in, 281, 286

      • shadow banking, 292, 293t, 297

      • state-owned banks in, 286, 291

      • structure of, 279–86, 280f, 283f

      • VAT and, 62

      • wholesale funding in, 299–300

      • See also Bond markets; Capital markets; Equity markets; Wealth management products

    • Financial sector governance

      • communication and transparency in, 12

      • monetary and financial frameworks for, 23–24

      • rebalancing of, 8–10

      • staffing for, 14

    • Financial Sector Program, of IMF, 14

    • Financial soundness indicators (FSIs), 347–48

    • Fiscal deficit, 8, 10f

    • Fiscal forecasting, MTEF for, 137

    • Fiscal policy frameworks

      • for local government finances, 18–19

      • MTEF for, 16–17, 117–40

      • reforms for, 29–30

      • for social security, 17–18

      • tax administration, 16

      • tax policy, 15–16

      • tax system and, 36

      • trends in, 119f–120f

    • Fiscal policy objectives, for MTEF, 127–28

    • Fiscal risks, local government finances and, 163–78

    • Fiscal rules, for MTEF, 133–34

    • Fiscal space, 125, 125f

    • Fixed asset investment, 28

    • Fixed MTEF, 134

    • Foreign banks, 281

    • Foreign direct investment (FDI), 87, 87n17

      • capital flow liberalization and, 217, 217n7, 218, 223–24, 226t, 232, 237

      • reserve requirements and, 228n15

      • RMB and, 252–53

      • SOEs and, 218, 218n8

      • URR and, 237

    • Foreign exchange markets

      • capital flow liberalization and, 223, 233

      • currency depreciation and, 265

      • EBS and, 257

      • RMB and, 270

      • volatility in, 4f

    • Foreign exchange reserves, 334f

    • France

      • capital flow liberation and, 239

      • DGI and, 353f

      • e-commerce of, 87

      • environmental taxes in, 63f

      • local government finances in, 188–89

      • pensions in, 154n18

    • Freshwater resources, 28

    • Friedman, B. M., 192–93

    • FSIs. See Financial soundness indicators

    • Fund management companies, 282

    • Fund management subsidiaries, 282

    G

    • G20. See Group of Twenty

    • Gasoline taxes, 64f

    • GDDS. See General Data Dissemination System

    • GDP

      • augmented debt and, 8, 181

      • bond yields and, 200

      • capital flow liberalization and, 21, 218, 223, 224, 228

      • China’s share of global, 250f, 334f

      • corporate income tax and, 55

      • debt-to-GDP ratio, 175n6

      • environmental taxes and, 62

      • financial sector and, 24

      • local government finances and, 8, 19

      • M2 and, 20, 194–95, 195f

      • macroeconomic statistics and, 26

      • MTEF and, 118, 128, 133

      • national accounts and, 338–39, 339n3

      • pensions and, 18, 152–54, 152n11, 156n23

      • Pensions for Civil Service and Public Unit Workers and, 144, 146, 153

      • Pensions for Urban and Rural Residents and, 144, 146, 153, 153n13, 156

      • Pensions for Urban Workers and Staff and, 144, 153

      • recurrent property tax and, 69

      • revisions policy for, 340–41, 340t, 341f, 342t

      • service sector and, 86n15

      • social security and, 18, 143

      • SOEs and, 24, 309

      • tax administration and, 76, 77t, 78, 79f

      • tax policy and, 15

      • tax system and, 36

    • GDP per capita, 28t

    • General Data Dissemination System (GDDS), 336

    • General Department, of IMF, 275

    • General Funds Budget

      • MTEF and, 124

      • pensions and, 157–58

    • General Resources Account, 275

    • Germany

      • currency internationalization and, 250

      • DGI and, 353f

      • e-commerce of, 87

      • environmental taxes in, 63f

      • insolvency framework for, 12f

      • pensions in, 154n18

    • GFSM. See Government Finance Statistics Manual

    • Gini coefficient, 11f, 28

      • tax system and, 36

    • Global financial crisis, 5

      • domestic demand and, 6

      • local government finances in, 291

      • tax evasion and compliance in, 86n14

    • Global income tax systems, 49–50, 49n3

    • Globalization

      • RMB and, 260f

      • tax administration and, 87–88

      • See also Internationalization

    • Global output, China’s share of, 2f

    • Global trade, China’s share of, 2f

    • Golden Tax Project (GTP), 84–85, 107–8

    • Government borrowing. See Debt

    • Government Finance Statistics Manual (GFSM), 344–45, 344n8

    • Government-Managed Funds Budget, 124

    • Granger causality test, 193

    • Green growth, rebalancing of, 10

    • Greenhouse gas emissions, 68

    • Group of Seven, corporate income tax and, 55

    • Group of Twenty (G20), 11

      • BEPS and, 96

      • Data Gaps Initiative of, 26

      • DGI of, 333, 337, 345, 353f

      • MTEF and, 121

    • Growth targets

      • credit growth and, 8

      • local government finances and, 19

    • GTP. See Golden Tax Project

    H

    • High-speed rail system, 3

    • Hong Kong

      • Mutual Recognition of Funds and, 30

      • RMB in, 253, 267, 268

      • Shanghai-Hong Kong Stock Connect, 220, 267

      • Shenzhen-Hong Kong Stock Connect, 30

      • state-owned banks in, 281

    • Hukou (household registration)

      • reforms for, 29

      • tax system and, 36

    • Human resources, for SAT, 83–84, 106–7

    I

    • IMF. See International Monetary Fund

    • IMS. See International monetary system

    • Inclusive growth, rebalancing of, 11, 11f

    • Income inequality, 11, 36n1

      • tax system and, 36

    • Income tax, 15–16

      • dual system for, 15, 49–50, 52, 71

      • global systems for, 49–50, 49n3

      • theory of, 42–43

      • See also Corporate income tax; individual income tax

    • Indexation, of pensions, 155

    • India

      • in BRICs, 223, 225f

      • DGI and, 353f

      • local government finances in, 188

      • SOEs in, 312t

      • tax revenues in, 37f

    • Indirect tax reforms

      • policy guidance from, 61

      • to tax policy, 60–70

      • See also Environmental taxes; Recurrent property tax; Value-added tax

    • Individual commodity taxation, 61

    • Individual income tax

      • annual assessment of, 51–52

      • current situation of, 43–49

      • income distribution for, 46f

      • proposed reforms for, 49–54

      • rates of, 43t, 44t, 50–51, 52

      • share of income by source, 47f

      • social security and, 44, 45f, 47f, 54

      • targeted allowances for, 51

      • tax units for, 50

      • tax wedge for, 46f

      • threshold for, 51

      • for urban households, 48f

    • Industrial Commercial Bank of China, 281

    • Inflation

      • bond markets and, 209

      • efficiency dividend and, 130

      • M1 and, 193

      • money supply and, 191

      • MTEF and, 135

      • PBC and, 20

      • SVAR and, 193, 195

      • See also Consumer price index

    • Inflow surges, with capital flow liberalization, 240–42

    • Information technology

      • for SAT, 84–85, 90, 107–8

      • for VAT, 108

    • Innovation, rebalancing of, 7

    • Insolvency framework, 12f

    • Insurance companies, 285, 291, 303

    • Interbank funding, 299–300

    • Interest income, taxation of, 44, 50, 53–54

    • Interest rate corridor, 207–8

      • by PBC, 203–4

    • Interest rates, 8

      • bond yields and, 20, 197, 199–201, 200t, 201t

      • capital flow liberalization and, 228

      • credit information system and, 206, 209

      • deposit rates and, 197

      • financial sector and, 201–2

      • institutional constraints on, 197–206, 198t

      • lending rates and, 197, 202

      • LGFV and, 192, 208–9

      • liberalization of, 20–21

      • loan-to-deposit ratios and, 198–99, 208

      • on local government bonds, 19, 171n3

      • M2 and, 207

      • macroeconomic statistics for, 348–49

      • maturity mismatch and, 205

      • measuring effectiveness of, 199

      • in monetary policy framework, 191–212, 194f

      • in perfect regime, 196–97

      • policy recommendations for, 206

      • quantitative loan limits and, 199, 208

      • reserve requirements and, 198, 208

      • risk preferences mismatch and, 205

      • RMB internationalization and, 269

      • shadow banking and, 199

      • small bank regulatory restrictions and, 205

      • SOEs and, 192, 208–9

      • soft budget constraints and, 100, 202–3

      • specialized guarantee agencies and, 205–6

      • SVAR and, 211–12

      • volatility of, 194f, 196

      • See also Lending rates

    • Intergovernmental relations, with local government finances, 177–78, 185–86, 186f

    • Intermediate targets, for monetary policy, 192–96, 193t

    • Intermediating products, in financial sector, 292–93

    • International balance of payments, 198

    • International Finance Corporation, 206

    • Internationalization

      • of air pollution tax, 66–67

      • of currency, 250–52

      • See also Renminbi internationalization

    • International Monetary Fund (IMF)

      • AREAER of, 21, 216, 216n5, 260, 263

      • augmented debt and, 118n1

      • BPM6 by, 343, 343n7

      • capital flow liberalization and, 21, 215

      • Financial Sector Program of, 14

      • General Department of, 275

      • macroeconomic statistics coordination with, 351–52, 351f

      • nondiscriminatory measures of, 240n25

      • SDDS of, 25, 333, 336

      • Statistics Department of, 348n11

      • tax administration and, 76–77

      • See also Special drawing rights

    • International monetary system (IMS)

      • dollar in, 272

      • RMB internationalization and, 271–73, 272t

    • International Transaction Reporting System, 343

    • Internet

      • banking, 285–86

      • users, 28

    • Investment programming, for MTEF, 137

    • Investment projects, corporate income tax and, 55, 55n6

    • Investment receivables, 294–95

    J

    • Japan

      • capital gains in, 186f

      • DGI and, 353f

      • e-commerce of, 87

      • environmental taxes in, 63f

      • MTEF in, 121–22

      • tax revenues in, 37f

    • Joint Ministerial Committee, 234

    • Joint-stock commercial banks (JSCBs), 281

      • lending and deposits of, 286

    K

    • Korea

      • capital gains in, 186f

      • DGI and, 353f

      • environmental taxes in, 63f

      • spillovers to, 4f

      • tax revenues in, 37f

    L

    • Labor income

      • annual assessment of, 51–52

      • taxation of, 50–52

    • Labor market, 27t

      • indicators for, 342

      • pensions and, 153n15

    • Land use, by SOEs, 316n12

    • Laoren, 147

    • Large Business Department, of SAT, 93, 93n27, 94–95, 95nn30–31

    • Law on the Administration of Tax Collection, 80

    • Legislative Affairs Office, of State Council, 92

    • Lending

      • bad loans, 284

      • entrusted loans, 295

      • by financial sector, 286–88

      • by JSCBs, 286

      • P2P, 285

      • Pledged Supplementary Lending, 301

      • quantitative loan limits, 199, 208

      • quotas for, 20

      • by rural banks, 286

      • by state-owned banks, 286

      • See also Nontraditional lenders

    • Lending rates, 208

      • interest rates and, 197, 202

    • LGFV. See Local government financing vehicles

    • Life expectancy, 3, 28t

      • pensions and, 151, 154, 154n18

      • retirement age and, 154

    • LI Keqiang, 1–3

    • Liquidity buffers, for capital flow liberalization, 234

    • Literacy rate, 3, 28t

    • Loan-to-deposit ratios, 8

      • interest rates and, 198–99, 208

    • Loan-to-value ratio, macroprudential policy and, 241n28

    • Local government bonds, 172n4, 173f–174f

      • debt-to-GDP ratio for, 175n6

      • impediments to, 175

      • interest rate on, 19, 171n3

      • liquidity and credit discipline for, 176

      • pilot program for, 171, 171n2

      • regulation and oversight of, 176, 177t

      • resolution framework for, 176

    • Local government finances, 38n2, 169f–170f

      • audits for, 171

      • augmented debt and, 181

      • in Brazil, 188

      • Budget Law and, 19, 164, 171–75, 291

      • debt in, 30, 175, 186–89, 187f

      • distribution of fiscal revenues in, 189t

      • fiscal policy frameworks for, 18–19

      • in France, 188–89

      • in global financial crisis, 291

      • in India, 188

      • intergovernmental relations with, 177–78, 185–86, 186f

      • international experience with, 185–89, 186f

      • MTEF and, 16, 19, 120–21

      • nontraditional lenders for, 290–91

      • off-budget expenditures and, 178

      • private sector and, 10

      • rebalancing of, 8, 10f

      • recent measures to strengthen, 171–75

      • recurrent property tax for, 33, 69–70

      • shared taxes with central government, 37, 39t–40t, 41f

      • strengthening sustainability of, 175–78, 177t

      • structural features of, 164–71

      • tax administration of, 77, 77n3

      • tax and nontax revenue in, 165f–166f

      • tax sharing and, 8, 37, 39t–40t, 41f, 165f–167f, 168, 179t

      • tax system and, 37–38

      • transparency in, 187

      • WMPs for, 291

    • Local government financing vehicles (LGFV), 168, 170f, 291

      • bond market and, 300–301

      • capital buffers and, 172

      • interest rates and, 192, 208–9

      • PPPs and, 171

      • risk weight for, 172

      • soft budget constraints and, 100, 202–3, 203n4

    • Local Tax Services, 78, 82

    • Lump-sum taxes

      • on endowments, 61

      • for small businesses, 102

    M

    • M1. See Monetary target 1

    • M2. See Monetary target 2

    • Macroeconomic statistics

      • challenges for, 348–49

      • IMF coordination with, 351–52, 351f

      • for national accounts, 338–39

      • for policymaking, 25–26

      • price statistics, 339, 342

      • recent developments in, 335–48

      • upgrading, 333–51

    • Macro forecasting, MTEF for, 131–32, 136–37

    • Macro-Prudential Assessment Framework, of PBC, 208

    • Macroprudential policy

      • capital flow liberalization and, 234, 241–42, 241n28

      • loan-to-value ratio and, 241n28

      • reserve requirements and, 241n28

    • MAP. See Mutual agreement procedure

    • Market allocation, of resources, 11–12

    • Master-files, for SAT, 96, 96n34

    • Material Product System (MPS), 335–36, 336n2

    • Maturity mismatch, interest rates and, 205

    • Medical insurance, taxation for, 49

    • Medium-Term and Standing Lending Facilities, 301

    • Medium-term budget framework (MTBF), 126–27, 127f

      • fixed and rolling, 134

      • real and nominal, 135–36

    • Medium-term expenditure framework (MTEF), 122n2

      • background of, 121–23

      • for baseline estimates of expenditure programs, 138

      • bottom-up baseline expenditure forecasting in, 17, 122, 128, 129, 131, 139

      • Budget Law and, 16

      • budget process for, 123–26

      • central government and, 135

      • coverage of, 132–33

      • decision-making phase for, 129–31

      • design choices for, 131–36

      • development responsibility for, 136–38

      • embedding in budget process, 134–35, 135n3

      • expenditure baseline for, 128–29

      • for fiscal forecasting, 137

      • for fiscal policy framework, 117–40

      • fiscal policy objectives for, 127–28

      • fiscal rules for, 133–34

      • globally represented for 2008, 121f

      • how it works, 126–31

      • inflation and, 135

      • investment programming for, 137

      • local government finances and, 19, 120–21

      • for macro forecasting, 131–32, 136–37

      • multiyear fiscal policy with, 137

      • private sector and, 117

      • for reconciliation of resource envelopes, 138

      • sequencing introduction of, 138–39

      • stages of, 131, 132f

      • time horizon for, 17, 122, 124, 126, 134, 140

      • top-down forecasting for, 128

      • types of, 126, 127f

    • Medium-term fiscal framework (MTFF), 126, 127f

    • Medium-term program framework (MTPF), 126, 127, 127f

    • Middle class, 3, 4

    • Migrants, from rural areas, 3

    • Ministry of Finance, 14

      • debt-to-GDP ratio and, 175n6

      • GFSM by, 344–45, 344n8

      • local government bonds and, 171, 175, 175n6

      • MTEF and, 16, 122, 123, 124, 131–32, 133, 136, 137, 138

      • SOEs and, 308

      • TCL and, 92

      • VAT and, 60n11

    • Ministry of Land and Resources, 70

    • Mirrlees, James, 42

    • Monetary and financial frameworks, 19–24

      • capital flow liberalization, 21–22, 22t

      • for financial sector governance, 23–24

      • monetary policy framework, 20–21

      • RMB internationalization, 22–23

    • Monetary and Financial Statistics Manual, by PBC, 345–48, 345n10

    • Monetary gradualism, 193

    • Monetary policy framework, 20–21

      • capital flow liberalization and, 233

      • interest rates in, 191–212, 194f

      • intermediate targets for, 192–96, 193t

    • Monetary target 1 (M1), 193

    • Monetary target 2 (M2), 20–21, 193

      • GDP and, 194–95, 195f

      • interest rate corridors and, 204

      • interest rates and, 207

      • SVAR and, 195

    • Money demand, 196, 196n2, 207, 207n5

    • Money supply

      • inflation and, 191

      • SVAR and, 193

      • in United States, 192–93

      • volatility of, 194f, 195–96

    • MPS. See Material Product System

    • MSCI Emerging Markets Index, 303

    • MTBF. See Medium-term budget framework

    • MTEF. See Medium-term expenditure framework

    • MTFF. See Medium-term fiscal framework

    • MTPF. See Medium-term program framework

    • Multi-lateral Convention on Mutual

      • Administrative Assistance in Tax

      • Matters, 97n35

    • Multinational corporations, 16

      • tax administration for, 97

    • Mutual agreement procedure (MAP), 97

    • Mutual funds, 30

    • Mutual Recognition of Funds, Hong Kong and, 30

    N

    • National accounts, macroeconomic statistics for, 338–39

    • National Audit Office, 301

    • National Bureau of Statistics (NBS), 80, 334

      • labor market indicators and, 342

      • MTEF and, 122

      • price statistics and, 339, 342

      • real sector statistics and, 342–43

      • tax registration and, 100

    • National Development and Reform Commission (NDRC)

      • MTEF and, 16, 117, 122, 131, 136–37

      • SOEs and, 308

    • National People’s Congress

      • local government financing and, 185

      • MTEF and, 16, 122, 133

      • press conferences and, 13

      • Work Program and, 12

    • National Summary Data Page, 339

    • National Tax Administration Standards, 99

    • National Tax Service, 78, 82

    • NBS. See National Bureau of Statistics

    • NDRC. See National Development and

      • Reform Commission; National

      • Development Research Council

    • Nitrogen oxide, 66

    • Nominal MTEF, 135–36

    • Nontraditional lenders

      • arbitrage and, 292

      • in financial sector, 288–300, 289f

      • for local government finances, 290–91

      • risks with, 292, 293t

      • WMPs as, 289f, 290, 292

    O

    • OECD. See Organisation for Economic Co-operation and Development

    • Off-budget expenditures

      • local government finances and, 178

      • MTEF and, 131

    • Office of the Leading Group on Economic and Financial Affairs, 13

    • One-child policy, 29

    • Order flow, 274, 274n7

    • Organisation for Economic Co-operation and Development (OECD), 33

      • BEPS and, 96

      • capital gains and, 53

      • corporate income tax and, 55–56

      • environmental taxes and, 62, 65

      • individual income taxes and, 44, 50

      • MTEF and, 136

      • pensions and, 149

      • retirement age and, 154n17

      • social security and, 54

      • tax administration and, 106

      • tax system and, 36

    • Outflow surges, with capital flow liberalization, 242–43

    P

    • P2P. See Peer-to-peer lending

    • Paris Agreement, 10

    • Partnerships, taxation of, 58

    • PBC. See People’s Bank of China

    • PE. See Permanent establishment

    • Peer-to-peer lending (P2P), 285

    • Pensions, 155nn19–21

      • baseline projections and sustainability of, 151–53, 152t

      • benchmarks for, 150f

      • benefit formula for, 144, 145t, 155, 159

      • discounted expenditure values for, 158, 158f

      • GDP and, 18, 152–53, 152n11, 153–54, 156n23

      • General Funds Budget and, 157–58

      • increasing contributions to, 155–56

      • indexation of, 155

      • international perspectives on, 149–51

      • labor market and, 153n15

      • life expectancy and, 154, 154n18

      • old age schemes for, 18

      • population aging and, 149–50, 149n9

      • portability of, 157

      • reform options for, 153–58, 154t, 156t

      • retirement age and, 151, 153–55, 153n16, 156n23

      • system of, 144–49, 145t

      • taxation and, 44–49

      • time horizon for, 149n9

      • See also Social security

    • Pensions for Civil Service and Public Unit Workers, 144–48, 145n2, 145t, 147n8

      • contributors to, 155

      • GDP and, 144, 153

      • number of pensioners for, 148f

    • Pensions for Urban and Rural Residents, 145t, 146–47, 147n5, 147n6

      • GDP and, 144, 153, 153n13, 156

      • number of pensioners for, 148f

      • raising benefits for, 156

      • universal coverage for, 151

    • Pensions for Urban Workers and Staff, 145t, 146, 155n19

      • contributors to, 149f, 151

      • expenditures per pensioner for, 148f

      • GDP and, 144, 153

      • number of pensioners for, 148f

      • reducing contribution rates for, 156

    • People’s Bank of China (PBC), 12

      • balance of payments and, 20, 198

      • bond market and, 301

      • capital flow liberalization and, 233, 234

      • CBRC and, 347

      • currency swap agreements and, 270

      • exchange rates and, 269

      • inflation and, 20

      • interest rate corridor by, 203–4

      • interest rates and, 20

      • Macro-Prudential Assessment Framework of, 208

      • Monetary and Financial Statistics Manual by, 345–48, 345n10

      • monetary policy framework and, 20

      • quotas and, 235

      • reserve requirements of, 198, 208

      • RMB internationalization and, 263, 267, 268

      • staffing for, 14

    • Performance measurement system, for SAT, 109, 109n46

    • Permanent establishment (PE), 97

    • Plan to Deepen Reform of the National and Local Tax Administration System, 88

    • Pledged Supplementary Lending, 301

    • Political economy of reforms and institutions, 13–14

    • Pollution

      • air, 10, 66–67

      • social indicators for, 28

      • water, 10

      • See also Environmental taxes

    • Population aging, 124, 124n3

      • MTEF and, 118

      • pensions and, 149–50, 149n9

      • social security and, 17–18, 143

    • Population growth, 28t

    • Portfolio rebalancing, 21–22

    • Poverty reduction, 1, 3, 5, 11

    • PPI. See Producer price index

    • PPPs. See Public-private partnerships

    • Price statistics, 339, 342

    • Principal Global Indicators, 342

    • Private sector

      • AMCs and, 284

      • capital flow liberalization and, 230

      • currency internationalization and, 250

      • MTEF and, 117

      • rebalancing of, 10

      • resources and, 6

      • SOEs and, 10, 318, 327

    • Producer price index (PPI), 338, 339

    • Productivity, rebalancing of, 7

    • Property rights, reforms for, 29

    • Property tax. See Recurrent property tax

    • Public-private partnerships (PPPs), 19

      • emerging risks with, 175

      • for infrastructure projects, 172

      • LGFV and, 171

      • monitoring risks with, 177

      • MTEF and, 131

    • Pupil-student ratios, 28t

    Q

    • QFII. See Qualified Foreign Institutional Investor

    • Qualified Domestic Institutional Investor (QDII), 217, 220, 221t, 263

    • Qualified Foreign Institutional Investor (QFII), 220, 221t, 263, 302

    • Quality and Technology Supervision Bureau, 100

    • Quantitative loan limits, interest rates and, 199, 208

    • Quotas

      • capital flow liberalization and, 235

      • for lending, 20

      • SAFE and, 218, 220

    R

    • Railway infracture, 28

    • Ramsey, F. P., 61

    • Real estate boom, 19

    • Real MTEF, 135–36

    • Real sector statistics, 342–43

    • Rebalancing, 5–11

      • of consumption, 7

      • of domestic demand, 6, 7f

      • of financial sector governance, 8–10

      • of green growth, 10

      • of inclusive growth, 11, 11f

      • of innovation, 7

      • of local government finances, 8, 10f

      • of portfolios, 21–22

      • of private sector, 10

      • of productivity, 7

      • returns on investment and, 6f, 7

      • to services sector, 7

      • of sustainable leverage, 8

    • Recurrent property tax, 69n14

      • current situation for, 69

      • for local government finances, 33, 69–70

      • proposed reforms for, 69–70

    • Renminbi (RMB)

      • currency swap agreements with, 254

      • depreciation of, 264–65, 265f–266f

      • dollar and, 268

      • exchange rates for, 228–29, 230f

      • FDI and, 252–53

      • foreign exchange markets and, 270

      • foreign holdings in, 254

      • globalization and, 260f

      • in Hong Kong, 267, 268

      • in offshore bond markets, 253–54

      • offshore deposits in, 253, 253f

      • offshore trading in, 254–57, 256f, 257f, 258f

      • repatriation channels for, 267–68

      • in SDR, 30, 222n11, 249, 270, 274–76

      • Shanghai Free Trade Zone and, 268

    • Renminbi (RMB) internationalization, 22–23, 30, 249–76

      • capital flow liberalization and, 221–23

      • in capital markets, 260, 263

      • cross-border payments infrastructure and, 269–70

      • currency swap agreements and, 270

      • deposit insurance and, 269

      • domestic financial reforms for, 268–69

      • exchange rates and, 269

      • IMS and, 271–73, 272t

      • interest rates and, 269

      • lower regulatory barriers for, 263

      • offshore liquidity and, 269–70

      • PBC and, 263, 267, 268

      • policy measures to promote, 260–70, 261t–262t

      • progress in, 258–59, 259f, 260f

      • reserve averaging and, 269

      • shadow banking and, 269

    • Renminbi Qualified Institutional Investor (RQFII), 220, 221, 267

    • Rental income, taxation of, 44, 50, 53–54

    • Reserve averaging, RMB internationalization and, 269

    • Reserve requirements

      • FDI and, 228n15

      • interest rates and, 198, 208

      • macroprudential policy and, 241n28

      • of PBC, 198

      • URR, 237, 239

    • Reserves Data Template, 344

    • Residency-based controls, for capital flow liberalization, 240

    • Residential property price index (RPPI), 339, 342

    • Resolution framework, for local government bonds, 176

    • Resources

      • market allocation of, 11–12

      • misallocation from SOEs, 314–15, 315nn8–10, 317f

      • private sector and, 6

    • Retirement age, 18

      • life expectancy and, 154

      • OECD and, 154n17

      • pensions and, 151, 153–55, 153n16, 156n23

      • Third Plenum and, 153n16

    • Returns on investment, rebalancing and, 6f, 7

    • Risks

      • of capital flow liberalization, 240–43

      • for LGFV, 172

      • local government finances and, 163–78

      • with nontraditional lenders, 292, 293t

      • with PPPs, 175, 178

      • preference mismatch of, interest rates and, 205

      • with shadow banking, 293t

      • See also Compliance risk management

    • RMB. See Renminbi

    • RMB Cross-border Interbank Payment System, 270

    • Rolling MTEF, 134

    • Royalties, taxation of, 53–54

    • RPPI. See Residential property price index

    • RQFII. See Renminbi Qualified Institutional Investor

    • Rural banks, 281

      • lending and deposits of, 286

    S

    • SAFE. See State Administration of Foreign Exchange

    • Sales tax, on vehicles, 68

    • SASAC. See State-Owned Assets

      • Supervision and Administration

      • Commission

    • SAT. See State Administration of Taxation

    • Savings rate, 7, 27t

    • SDDS. See Special Data Dissemination Standard

    • SDDS Plus, 336, 339n4, 349

    • SDR. See Special drawing rights

    • Securities companies, 282

    • Self-assessment, for tax administration, 83

    • Service sector, 3

      • GDP and, 86n15

      • rebalancing to, 7

      • taxation of, 78n5

    • Shadow banking

      • interest rates and, 199

      • risks with, 293t

      • RMB internationalization and, 269

      • trusts and, 292

      • WMPs and, 297

    • Shanghai Free Trade Zone, 268

    • Shanghai-Hong Kong Stock Connect, 220, 267

    • Shenzhen-Hong Kong Stock Connect, 30

    • Shocks, spillovers from, 4f

    • Small and medium-sized enterprises (SMEs)

      • corporate income tax for, 57–58, 58t

      • interest rates and, 209

      • WMPs and, 298

    • Small banks, regulatory restrictions on, 205

    • SMEs. See Small and medium-sized enterprises

    • SNA. See System of National Accounts

    • Social indicators, 28t

    • Social safety nets, 15

      • proposed reforms to contributions to, 54

      • reforms in, 29

    • Social security, 17–18

      • current situation with contributions to, 54

      • employer contributions to, 29

      • individual income tax and, 44, 45f, 47f, 54

      • MTEF and, 118

      • reform for sustainability and equity, 143–59

      • taxation for, 49

      • tax wedge for, 54, 157f

    • Social Security Fund Budget, MTEF and, 124

    • SOEs. See State-owned enterprises

    • Soft budget constraints

      • interest rates and, 100, 202–3

      • LGFV and, 100, 202–3, 203n4

    • Sole proprietorships, taxation of, 58

    • Song, Zheng, 153n14

    • Special Administrative Region (SAR). See Hong Kong

    • Special Data Dissemination Standard (SDDS), of IMF, 25, 333, 336

    • Special drawing rights (SDR)

      • balance of payments and, 275

      • RMB in, 22–23, 30, 222n11, 249, 270, 274–76

    • Specialized guarantee agencies, interest rates and, 205–6

    • Spillovers, from shocks, 4f

    • Spring Breeze Project, 100

    • State Administration of Foreign Exchange (SAFE), 216, 216n6, 220, 263

      • exterior sector statistics by, 343–44

    • State Administration of Taxation (SAT), 14, 16

      • Administrative Measures for the

      • General Anti-Avoidance Rules of, 81n10

      • administrative reviews for, 106, 106n44

      • aligning organizational structure with modernization strategy, 93–95

      • arrears collection by, 104–5

      • audits by, 103–4

      • compliance risk management for, 98–99, 98n36, 99n37

      • critical skills gap in, 90

      • default assessments by, 105

      • dispute resolution by, 105–6

      • emerging challenges and opportunities for, 85–90

      • extending national and international reach of, 95–98, 95nn32–33

      • filings and payments to, 101–2

      • globalization and, 87–88

      • human resources for, 83–84, 106–7

      • information technology for, 84–85, 90, 107–8

      • installment arrangements with, 104, 104n43

      • Large Business Department of, 93, 93n27, 94–95, 95nn30–31

      • master-files for, 96, 96n34

      • new legislation for, 88

      • organizational stresses in, 89, 94

      • organization of, 11, 82–83, 83t

      • performance measurement system for, 109, 109n46

      • process enhancement for, 99–106

      • processes of, 83

      • strengthening, 75–111

      • structural changes in economy and, 86–87

      • tax evasion and compliance and, 77, 78–79, 81, 81n10

      • tax liens of, 104–5

      • taxpayer registration and, 100

      • taxpayer services of, 100–101

      • TCL and, 81, 92

      • uniformity of administration in, 89–90

      • VAT and, 60n11

    • State Budget, 16

      • MTEF and, 124

    • State capital investment, in SOEs, 318, 326f

    • State Council

      • Development Research Center of, 86n15

      • economic decisions by, 12–13

      • Legislative Affairs Office of, 92

      • local government financing and, 185

      • monetary policy framework and, 20

      • MTEF and, 16, 122, 135n3, 138

      • PPPs and, 171

      • SASAC of, 308, 308n2

      • SOEs and, 25

      • TCL and, 92

    • State-Owned Assets Supervision and Administration Commission (SASAC), 308, 308n2

    • State-owned banks, 291

      • lending and deposits of, 286

    • State-Owned Enterprise Fund Budget, 124

    • State-owned enterprises (SOEs), 5

      • assessment of current reform plans, 320–22

      • bad loans of, 284

      • in bond market, 301

      • capital flow liberalization and, 218

      • capital gains and, 320t

      • case studies of, 328–29

      • classification of, 318, 323n19

      • competition in, 323

      • corporate leverage and, 309–14, 312t, 313f, 314f

      • credit growth and, 8

      • current reform plans for, 316–20, 319t–320t

      • debt of, 314

      • entrusted loans and, 295

      • FDI and, 218, 218n8

      • framework for, 24–25

      • implicit support for, 315–16, 317f

      • improving efficiency of, 318

      • inefficiency of, 308–9, 309f, 310f–311f

      • interest rates and, 192, 208–9

      • key indicators of, 312t

      • land use by, 316n12

      • macroeconomic statistics and, 26

      • misallocation of resources by, 315–16, 315nn8–10, 317f

      • parameterization of data for, 330

      • pilot programs for, 321, 321t

      • private sector and, 10, 318, 327

      • reform of, 307–30

      • reforms for, 29, 324f, 330t

      • soft budget constraints and, 100

      • state capital investment in, 318, 326f

      • tax administration and, 77n1, 83

      • unemployment and, 327, 327f

    • Statistics Department, of IMF, 348n11

    • Steel industry, 25

    • Stiglitz, J. E., 61

    • Structural vector autoregressive models (SVAR), 194–95, 195n1

      • interest rates and, 211–12

      • for yield curves, 200

    • Sulfur dioxide, 66

    • Sustainable leverage, rebalancing of, 8

    • SVAR. See Structural vector autoregressive models

    • System of National Accounts (SNA), 334–35, 334n1

    T

    • Targeted allowances, for individual income tax, 51

    • Tax administration, 16, 92nn23–26

      • administrative assessment of, 83

      • aligning organizational structure with modernization strategy, 93–95

      • background of, 76–80

      • critical skills gap in, 90

      • current situation for, 80–85

      • emerging challenges and opportunities for, 85–90

      • future reform priorities for, 90–100

      • GDP and, 76, 77t, 78, 79f

      • globalization and, 87–88

      • human resources for, 83–84

      • information technology for, 84–85, 90, 107–8

      • of local government finances, 77, 77n3

      • for multinational corporations, 97

      • new legislation for, 88

      • organizational stresses in, 89, 94

      • organization of, 82–83, 83t

      • process enhancement for, 99–106

      • processes of, 83

      • self-assessment for, 83

      • slowing economic growth and, 85–86

      • SOEs and, 77n1, 83

      • strengthening, 75–111

      • structural changes in economy and, 86–87

      • taxpayer population and, 81, 82t

      • uniformity in, 89–90

      • United States and, 88n19

      • See also State Administration of Taxation

    • Taxation

      • on air pollution, 66–67

      • of capital gains, 57f, 59

      • of capital income, 49–50, 71

      • by central government, 36–37

      • on consumption, 78n6

      • lump-sum, 61, 62

      • pensions and, 44–49

      • on property, 70

      • on vehicles, 68

      • See also Business turnover tax; Corporate income tax; Recurrent property tax; Value-added tax; individual income tax

    • Tax Collection Law (TCL), 80–81, 90

      • amendments to, 91–93, 104, 105

    • Tax evasion and compliance, 75–78, 77n2

      • in global financial crisis, 86n14

      • SAT and, 77, 78–79, 81, 81n10

      • with VAT, 78, 78n8, 79f

      • See also Compliance risk management

    • Tax liens, 104–5

    • Taxpayer population, 81, 82t

    • Taxpayer Services Department, of SAT, 93

    • Tax policy, 15–16

      • changes to, 77n1

      • direct tax reforms to, 38–59

      • indirect tax reforms to, 60–70

      • modernizing, 33–71

      • reforms to, 34t–35t

    • Tax sharing, 8, 37, 39t–40t, 41f, 165f–167f, 168, 179t

    • Tax system

      • air pollution and, 66

      • efficiency of, 42

      • environment and, 10

      • human resources and, 106

      • overview of, 36–38, 37f–38f

      • simplification of, 50

      • taxpayer satisfaction with, 80t, 89

      • See also State Administration of Taxation

    • Tax treaties, 97, 97n35

    • Tax wedge

      • for individual income tax, 46f

      • for social security, 54

      • social security and, 157f

    • TCL. See Tax Collection Law

    • Third Plenum, 5, 12

      • MTEF and, 117

      • pensions and, 156

      • retirement age and, 153n16

      • SOEs and, 24–25

      • tax administration and, 91, 91n20

    • 13th Five-Year Plan, 5

      • capital flow liberalization and, 215n2, 232

      • environmental taxes and, 62

      • macroeconomic statistics and, 348

      • monetary policy and, 191

      • MTEF and, 117

      • SOEs and, 24–25

      • tax administration and, 91

      • tax policy and, 33

    • Time horizon

      • for MTEF, 17, 122, 124, 126, 134, 140

      • for pensions, 149n9

    • Tobacco, taxation of, 61

    • Top-down forecasting, for MTEF, 128

    • Total social financing (TSF), 346, 347

    • Trade surplus, tax administration and, 77n1

    • Transfer pricing rules, 96

    • Transparency

      • Budget Law and, 19

      • improvements in, 12–13

      • in local government finances, 187

    • Triffin’s dilemma, 271

    • Trusts, 282, 282nn2–3, 291

      • as intermediating product, 292–93

    • TSF. See Total social financing

    U

    • Unemployment, 27t

      • from SOE reform, 327, 327f

    • Unemployment insurance, 156n25

      • taxation for, 49

    • Uniform Social Credit Code, 100

    • Unirule Institute of Economics, 315n8

    • United Kingdom

      • DGI and, 353f

      • e-commerce of, 87

      • insolvency framework for, 12f

    • United States

      • bond yield in, 20, 200, 201t

      • capital gains in, 186f

      • DGI and, 353f

      • dollar of, 251n1, 268, 272

      • e-commerce of, 87

      • environmental taxes in, 63f

      • insolvency framework for, 12f

      • money supply in, 192–93

      • MTEF in, 121–22

      • specialized guarantee facilities in, 205–6

      • tax administration and, 88n19

      • tax system and, 36

      • tax treaties with, 97n35

    • Unremunerated reserve requirement (URR), 237, 239

    • Urban households, individual income tax for, 48f

    • Urbanization, recurrent property tax and, 70

    • URR. See Unremunerated reserve requirement

    V

    • Value-added tax (VAT), 15, 16, 36, 77n1

      • audits of, 103, 103n42

      • from business turnover tax, 33, 60, 60n11

      • current situation for, 60

      • filings and payments to, 101–2, 101n40, 102n41

      • financial sector and, 62

      • GTP for, 84

      • information technology for, 108

      • proposed reform of, 60–62

      • refund mechanism for, 60

      • registration threshold for, 62

      • shared by central and local government finances, 37

      • tax evasion and compliance with, 78, 78n8, 79f

      • tax rates for, 60

      • transition to, 60–62

    • Vehicle taxes, 68

    • Voluntary Trading Arrangements, 275

    W

    • Water pollution, 10

    • Wealth management products (WMPs), 285–86, 296–98

      • arbitrage and, 292

      • bond market and, 300

      • CBRC on, 296–97

      • equity markets and, 303

      • for local government finances, 291

      • as nontraditional lenders, 289f, 290, 292

    • WEN Jiabao, 5

    • Wholesale funding, 299–300

    • WMPs. See Wealth management Products

    • Work Program, 12

    • World Bank

      • credit information systems and, 206

      • environmental taxes and, 62

      • MTEF and, 126

    • World exports and imports, China’s share of, 335f

    • World Health Organization, 10

      • environmental taxes and, 62

    • World Trade Organization (WTO), 5, 13

      • capital flow liberalization and, 217

      • RMB and, 252

      • SOEs and, 321

    • WTO. See World Trade Organization

    X

    • Xiaokang, 3

    • XI Jinping, 13, 320

    • Xinren, 147

    Y

    • Yield curves, 200

    • Yu’ebao, 285–86

    Z

    • Zhongren, 147

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