The year 2020 is the final year of the 13th Five-Year Plan. In the past five years，China's fiscal reform and development has gone through an extraordinary journey of hard efforts and scored new achievements，as evidenced by further strengthened financial capaaty，sustained intensity of fiscal expenditures，unprecedented tax and fee cut，steady rise of spending on areas related to people's wellbeing，effective fiscal support for major national strategies，continued deepening of the reform of fiscal and tax system，and greater role in global economic governance. In this process，finance authorities in China doubled efforts to unlock market vitality，improve fiscal macro-regulation，and strengthen cross-cyclical design and counter-cyclical adjustment of policies. In addition，they worked to refine the fiscal and tax policy system，adjust and optimize the expenditure mix，advance the fiscal and tax reform and fiscal management in a coordinated manner，and enhance fiscal governance effiaency On the international front，they also stepped up efforts in deepening international economic and financial exchanges and cooperation，to push for higher-standard opening up of China.In 2020，finance authorities in China coordinated their efforts in pandemic prevention and control with economic and social development，providing strong support for economic recovery and overall social stability. Taking pandemic prevention and control as the most important and urgent task，they put forward the two guarantees in no time to lend fuU support to the fight against COVID-19，and sought to mitigate the impact of the pandemicwith enhanced fiscal policy support and stronger policy interpretation and communication efforts. Moreover，they promptly introduced large-scale relief poliaes for struggling enterprises，and creatively set up the mechanism for directly allocating budgetary funds to prefecture and county-level governments，in order to stabilize and sustain economic recovery. They supported the fight of the three critical battles to successfully eradicate poverty as planned，notably improve the ecological and environmental quality，and effectively forestall and defuse potential risks，helping secure the last mile of building a moderately prosperous society in all respects. They endeavored to support people's livelihood，with a focus on keeping enterprises afloat to retain employment，ensuring the three prioritiesat the grassroots level，steadily raising the protection of people's basic livelihood，and firmly safeguarding security in six key areas. They further worked to deepen the supply-side structural reforms，vigorously supported technological innovation，helped accelerate the transformation and upgrading of manufacturing sector，provided assistance for struggling micro and small-sized enterprises，strengthened food and energy security，and enhanced the innovation capacity and competitiveness ofthe real economy Efforts were also made to deepen reform and opening up，steadily advance the reform of fiscal and tax system，continue to deepen international economic and financial cooperation，further consolidate the foundation of fiscal management，transform the regulatory bureaus with tangible results，and steadily enhance the level of fiscal governance.The year 2021 is of speaal significance in the process of China's modernization drive，since it marks the beginning of the 14th Five-Year Plan and heralds a new journey of building a modern socialist country in all respects. In keeping with the general principles of seeking progress while maintaining stability，finance authorities in China will proceed from the new development stage，fully apply the new development philosophy，and seek to foster a new development paradigm. They will pursue high-quality development as the general aim，advance supply-side structural reform as the main task，and harness reform and innovation as the key source of momentum in their endeavor to meet the fundamental goal of satisfying the people's growing needs for a better life. They will apply systemic thinking，ensure stability on six key fronts and maintain security in six key areas，implement macro policies in a saence-based and targeted way，keep major economic indicators within an appropriate range，continue to expand domestic demand，strengthen science and technology to provide strategic support，and pursue higher-standard opening up. The proactive fiscal policies will improve its quality and efficacy，and be more sustainable.Overall planning of fiscal resources will be strengthened to maintain appropriate level of expenditures，further optimize the expenditure mix，and increase financial support for major national strategic tasks. Hard work，diligence and frugality will be emphasized to fully implement the requirements on belt-tightening for Party and government agenaes. The establishment of a modern fiscal and tax system will be accelerated to beef up budgetary constraints and performance management. Moreover，local government debt management will be strengthened to resolve risks arising from local government hidden debts，so as to ensure a good start of the 14th Five-Year Plan and to celebrate the centenary of the founding of the Communist Party of China with outstanding achievements.China Finance 2020 brings together important fiscal and tax reform policies，events ofinternational economic and financial cooperation，macroeconomic data，local fiscal and tax reform practices，remarks and opinions of finance officials at various levels as well as Chinese scholars regarding fiscal and tax reform，etc.
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