Steps Toward Central-Local Fiscal Reform; Beijing Overhauling Ministry of Foreign Affairs To Better Capitalize On Global Opportunities?; Lobbying Weakens CFIUS Reform; Pankaj Mishra Declares The End of The "China Fantasy" and the "Free Trade Myth"
Good Morning. I plan to take a personal day Monday as we have movers coming that day. I will try to get a newsletter out Sunday evening but that depends on how the packing goes. Things should be back to normal Tuesday. Thanks for your patience.
The Essential Eight
1. Steps Toward Central-Local Fiscal Reform
China is planning to reform the division of fiscal power and expenditure responsibilities between central and local governments in basic public services, according to a circular recently issued by the General Office of the State Council.
The reform is aimed at establishing a basic public service system featuring well-defined rights and responsibilities, coordinated financial powers and a reasonable standard. It should also be a safeguard mechanism to ensure its operations.
It was decided that 18 items under eight categories are included in the shared fiscal responsibilities between central and local governments, inc…