China will endeavor to build a comprehensive, transparent and efficient fiscal and tax system by deepening reforms in the coming years, the central leadership of the Communist Party of China (CPC) said on Monday.

Priorities include improving management and supervision of government budgets, facilitating the building of a comprehensive, well-regulated and transparent modern budget system and optimizing the tax system, said a statement released after a meeting of the Political Bureau of the CPC Central Committee, presided over by its general secretary, Xi Jinping.

High priority will also be given to adjusting power and spending responsibilities between central and local governments in a rational manner, adjusting distribution of revenue between them while keeping the current division of financial resources between them stable, it added.

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The goal of the reforms is to set up a unified, comprehensive, well-regulated, open, transparent and efficient modern fiscal system that is conducive to better resources allocation, social equality and national stability, according to the statement.
It noted that China aims to fulfill key tasks in the new round of fiscal and tax reforms by 2016, and basically establish a modern fiscal system by 2020.