Fiscal reform will determine many things: the components of domestic income and demand that will drive structural change on the supply side, the allocation of income and expenditure across levels of government, and the embedded incentives that this allocation implies. Outside of China, this part of the reform agenda is the least well understood.
财政改革将决定很多事情：国内收入和需求的组成（将推动供给端的结构性变化）、各级政府间收入和支出的分配及其所隐含的激励。在中国外部，这部分改革日程最不为人所了解。