China to step up efforts for financial reforms

China expects to improve its macroeconomic governance system with further efforts to deepen the reform of the fiscal and financial systems as well as enhanced fiscal policy consistency, an official said on Friday.

Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, said at a news conference held in Beijing that China will enhance the fiscal autonomy of local governments and increase the proportion of central government expenditure.

Han said such moves are expected to not only refine the fiscal relationship between the central and local governments, but also help deal with the financial difficulties at the grassroots level.

Han said the country will optimize its tax system following the new business models and a new mechanism for cross-regional cooperation and development will also be in place.

Besides, as China's wealth continues to accumulate, efforts will be made to advance the management of the national balance sheet and optimize all kinds of stock adjustments, Han added.