Abstract
Two issues have dominated the discussion on fiscal reform in China: The decline of government's share in the economy, and the decline of central government's share in total government resources. This paper investigates these issues, and concludes that the declines are not exceptional in an international context, once some corrections on the data have been made. The paper concludes by identifying the quasi-fiscal deficit as the main problem to tackle, and by proposing budget unification as a first step towards its solution.
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