TITLE:
Adaptability Adjustment of China’s Fiscal and Taxation Policies under “New Normal”—Based on Korea’s Experience
AUTHORS:
Yuanqing Han
KEYWORDS:
New Normal, Fiscal and Taxation Policies, Korea, Adaptability Adjustment
JOURNAL NAME:
Modern Economy,
Vol.7 No.14,
December
16,
2016
ABSTRACT: In recent years, the economic development of China has gradually
showed the different characteristics from the past and has entered the new
normal. Under the new normal, China’s economic growth trends and
characteristics have undergone the great changes, the economic growth is in
transition from high-speed growth to the medium-high-speed growth, and the economic
growth model will be transferred from relying on exports and investment to relying
on being driven by the domestic demand, the key for economic growth will be
transferred from the factor driven to the innovation driven.
At present, the main task of China’s economic development is to adapt to new
normal. As an important means of national macro-control, fiscal and taxation
policies have their own problem of inadequate system supply. This thesis
intends to study the deficiencies of China’s fiscal and taxation policies under
new normal, and propose the suggestions for the adaptability adjustment of
fiscal and taxation policies. The study finds that under new normal, there’s difficult
economic transition due to the insufficient supply of China’s fiscal and
taxation policies in terms of the income, encourage innovation and
environmental protection, and it is urgent to supplement and adjust China’s existing
fiscal and taxation policies. Based on the reference to beneficial experiences
of adjustment of Korea’s fiscal and taxation policies, combined with the actual
situation of China, this thesis puts forward that the fiscal and taxation
policies in China under new normal should be improved greatly from the aspects
of tax structure, fiscal and taxation support of the scientific and
technological innovation and fiscal and taxation policies of environmental
protection, and others.