Employing the Modern Monetary Theory (MMT), this paper examines the current Chinese fiscal system and highlights its three characteristics. First, fiscal revenues are centralized at the central government while expenditures are decentralized at the local governments; second, fiscal spending...

The Doctrine of the Mean in Budgeting -- The Noble Man adheres to the mean; the petty -- The mean is the highest virtue. Few are those who can maintain it for long -- The Way is not practiced, and I understand why -- How unfortunate that the Way is not pursued -- Emperor Shun possessed great...