Time to deepen market reform

Slowing economic growth means less government revenue and authorities must be alert to local governments trying to collect more taxes, said an article in the 21st Century Business Herald (excerpts below).

Past experience indicates local governments are not shy about trying to raise money.

However, given limited space for more taxes, or increased debt, a better approach would be to reduce spending.

The government should continue to deepen market reform.

The economic difficulty confronting China is an opportunity for the government to show its determination to carry out reform and transformation.