Transparency seen as the key to budget reform

Editor's Note: In the previous two issues, we discussed how the fiscal system reforms would reshape the relationship between the central and local governments and how the tax reforms may add costs to some companies. The last article of the series talks about budget system reform.

With nearly 13 trillion yuan ($2.08 trillion) in revenue last year, the Chinese government might be one of the best money spinners globally, but its financial ability is not necessarily in line with its massive fortune.

Preparing a budget for a country with 1.3 billion people is never an easy task, and neither is balancing income and expenditure, but the top decision-makers are keen to improve governance via reform of the budget system.