Fiscal reform deadline set

China vowed to complete major fiscal and tax reforms by 2016, according to a plan passed at a meeting of the Political Bureau of the Communist Party of China Central Committee on Monday.

The country also aims to establish a modern fiscal system by 2020, the plan said.

The government will improve the fiscal budget management and use fiscal budget to regulate government's spending behavior.

It will also optimize tax structure, improve taxation function and stabilize tax burden and at the same time adjust the fiscal relations between governments at all levels.

The meeting also decided to speed up reform on household registration system.