Reducing individual taxes

The rapid surge of China's fiscal revenue so far this year makes a compelling case for prompt and sweeping tax reduction for as many as possible Chinese households.

Raising the personal income tax-free threshold to accommodate the rise in living expenses amid soaring inflation is the least that Chinese policymakers can do right now.

But a thorough overhaul of the current taxation system, which has ostensibly failed to tilt the distribution of wealth in favor of ordinary consumers, should also be put on the government's agenda at the earliest possible opportunity.