Features of the tax system of the People’s Republic of China at the present stage

The purpose of this article is to investigate the historical development and contemporary features of the tax system in the People’s Republic of China. The paper examines key stages of fiscal reforms in China since 1978 and analyzes the structure of current state budget revenues, which are primarily formed by VAT and corporate income tax. The author concludes that China’s current tax policy primarily pursues several equally prioritized objectives— stimulating the development of new economic sectors while maintaining a socialist orientation, balanced growth, and active state intervention in the redistribution of public goods; the existing system continues to adapt to address regional inequalities and stimulate the economy, demonstrating a specific level of tax rates compared to other world regions, while exhibiting its characteristic challenges.