【Yangtze Forum】Professor Jia Junxue from Renmin University of China Shares Insights on the Construction of China's Fiscal Policy System

On the afternoon of May 18, 2024, Professor Jia Junxue from Renmin University of China was invited to give a special lecture on "Construction of the Chinese Fiscal Policy System" at the Yangtze Forum, hosted by the School of Economics and Management at Wuhan University.

Professor Jia first introduced the characteristics of China's fiscal policies during different periods since the reform and opening up, including the fiscal policies of the planned commodity economy era (1978-1992), the socialist market economy era (1993-2012), and the fiscal policies of the new era (since the 18th National Congress of 2012). In detailing the content of fiscal policies from each period, Professor Jia provided an in-depth analysis of the background, effects, and constraints of policy implementation, allowing the audience to gain a thorough understanding of the content and evolution of China's fiscal policy system in a short amount of time. Following this, Professor Jia expounded on the logic system of China's fiscal policies from both institutional logic (socialist system with Chinese characteristics) and governance logic perspectives. The institutional logic included the policy formulation process, policy implementation process, and coordination between fiscal policy and monetary policy, while the governance logic explained the combination of long-term strategic planning (five-year plans) with short-term discretionary policies and the integration of overall governance with structural governance. Finally, Professor Jia summarized relevant suggestions for constructing the fiscal policy system in the new development stage, emphasizing that policy objectives should balance security and development, policy tools should combine supply-side and demand-side measures, and policy implementation should coordinate between central and local governments.

The lecture was well-organized, logically rigorous, content-rich, and highly professional, providing valuable insights for understanding the intricacies of the new round of fiscal and tax system reforms. The attending faculty and students greatly benefited from the lecture.

(Reporter: Ma Xu; Reviewer: Gong Feng)