To Understand China’s Economy: The Hidden Tug-of-War Between Central and Local Governments
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- Опубликовано: 13 апр 2025
- To truly grasp China’s economy, you must first understand its fiscal and taxation system. In this episode, we’ll take you on a journey through the evolution of China’s public finance-from the centralized system of the planned economy era, to the “separate stoves” model, the 1994 tax-sharing reform, and today’s landscape of local government debt and targeted fiscal transfers.
We’ll break down complex fiscal jargon and reveal the deeper logic of power dynamics and policy motivations, helping you make sense of:
✅Why are local governments constantly short on funds?
✅How does the central government use fiscal tools to maintain control?
✅How did the tax-sharing system reshape China’s economic landscape?
✅And today-what crossroads is China’s fiscal reform facing?
If you care about where China’s economy is headed, this is a must-watch!
📌 Chapter Timestamps:
00:00 Intro
00:52 What is "fiscal policy"?
07:26 Fiscal structure under planned economy
10:53 Logic behind “separate stoves”
17:24 The game behind the 1994 tax-sharing reform
30:43 Fiscal policy shifts since the 2000s
38:04 Today’s challenges-and the way forward
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當然了，哪怕‘發9塊賺2塊’，總好過‘一毛不發爛在原地’～