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China will push forward fiscal, taxation and financial reform in a steady and proper manner, said a statement released December 16 after the Central Economic Work Conference. According to the statement, Revenue will be distributed between central and local governments in accordance with the clarified division of administrative responsibilities, and the formulation of the system will be quickened. China will reform its financial supervision and regulation mechanism in an active, steady and proper way and work to establish a multi-layer capital market.
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