Information about Asia and the Pacific Asia y el Pacífico
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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