Historical Organization
Ministry of Finance
Ministry of Finance
Details
Organization Timeline
China introduces a re-denominated renminbi
📅 1 March 1955The currency reform replaced the early renminbi at a ratio of 10,000 old yuan to one new yuan. The change simplified accounting after the postwar inflationary period and supported national fiscal...
State Council orders central-local tax sharing
📅 15 December 1993The decision prepared to replace fiscal contracting with assigned central, local and shared taxes from January 1994. It restored central revenue capacity, while local governments retained major...
China implements major tax-sharing reform
📅 1 January 1994A new tax system divided revenue between central and local governments and strengthened central fiscal capacity. It helped finance national infrastructure and state functions, while intensifying local...
Tax-sharing reform takes effect
📅 1 January 1994The reform divided taxes among central, local and shared categories and created separate tax administrations. It strengthened the center while leaving local governments with service...
A new tax structure introduces VAT and consumption taxes
📅 1 January 1994The tax package reorganized collection and made VAT a key shared revenue source. It improved central fiscal capacity and shifted the state-firm relationship toward tax-based regulation.
State uses infrastructure spending to counter the Asian crisis
📅 31 December 1998The government expanded public investment and issued treasury bonds as regional demand weakened. Fiscal stimulus supported growth and jobs, favoring large projects while welfare and household...
Anhui pilots rural tax-and-fee reform
📅 1 July 2000The pilot sought to simplify rural levies and reduce arbitrary fees. It recognized that fiscal pressure could be transferred to farming households and that local revenue rules shaped the cost of...
Government expands direct support to grain producers
📅 5 March 2004The central government announced direct subsidies and tax relief for grain production as part of a new rural policy. The shift redirected some public support toward farmers after decades of...
NPC decides to abolish the agricultural tax
📅 29 December 2005The Standing Committee voted to repeal the agricultural tax, ending a long-standing fiscal burden on farming households from 2006. The change recognized rural grievances and strengthened rural...
State Council announces a large fiscal stimulus program
📅 9 November 2008The government announced a 4 trillion yuan package focused on infrastructure, housing, transport and social projects to counter the global downturn. It sustained growth and employment, but leaned...
Government revises VAT rules to support investment and equipment upgrading
📅 25 December 2008Revised tax rules prepared a shift from production-type toward consumption-type VAT, allowing deductions for equipment purchases from 2009. The change lowered firms’ tax costs and supported...
Nationwide VAT reform permits deduction of equipment investment
📅 1 January 2009The VAT reform took effect nationwide, reducing the tax burden on equipment purchases and encouraging modernization. It supported productivity and recovery, but investment incentives did not...
Business tax is replaced with VAT across sectors
📅 1 May 2016The VAT pilot expanded to construction, property, finance and consumer services, ending the parallel business-tax system. The reform aimed to reduce cascading taxation and support service-sector...
NPC authorizes property-tax pilot programs
📅 23 October 2021The Standing Committee authorized property-tax pilots in selected regions for five years. The move opened a path toward taxing property ownership and improving local revenue, while the pilot’s limited...
NPC approves a 6-trillion-yuan local-debt swap ceiling
📅 8 November 2024The legislature authorized additional local-government bonds to replace hidden debt, alongside a multi-year plan using special bonds. The measure aimed to lower near-term repayment pressure and...
Nationwide childcare subsidies recognize household care costs
📅 28 July 2025The program offers 3,600 yuan annually per child under three, tax-exempt and excluded from means-tested income, with more than 20 million families expected to benefit. It shifts some reproduction...
Free preschool begins with the final kindergarten year
📅 5 August 2025From autumn 2025, public-kindergarten care and education fees are waived for the year before primary school, with matching reductions in private kindergartens and fiscal transfers to providers. The...
Private-investment measures open infrastructure and service projects to more firms
📅 11 November 2025The package supports private capital in selected rail, nuclear, and urban-infrastructure projects, asks for clearer access rules, and encourages SME digitization and infrastructure REITs. It seeks...
Value-added tax implementation regulation standardizes the new tax law
📅 30 December 2025The State Council issued implementation rules for the VAT Law, clarifying administration of the country's largest tax category ahead of the law's 2026 operation. The step consolidates a national tax...
Government investment-fund evaluation rules tie capital allocation to national priorities
📅 12 January 2026Trial rules evaluate how government investment funds allocate capital against industrial-policy priorities and the modern industrial system. Public finance is used to shape innovation and steer...
Finance ministry package backs private investment and consumer lending
📅 20 January 2026The package extends interest subsidies on service-sector business loans and personal consumption loans through 2026 and adds guarantees for private investment. It uses fiscal instruments to...
China moves toward nationwide long-term care insurance
📅 26 March 2026A national system is set out to cover long-term care needs, building from earlier local pilots as the population ages. Social insurance expands the collective financing of care, an important...
SME five-year plan sets targets for firms, innovation, and business conditions
📅 3 September 2026The 2026-2030 plan aims to improve SME growth, innovation, and development conditions. It recognizes smaller firms as sites of employment and innovation within a system dominated by large state and...