Central govt taking on greater financial burden

Editor's note: Cheap credit has been a major tool for the Chinese government to fuel growth, but it has become less effective and more risky over the years. Now the top decision-makers are trying to solve the problem on a deeper level by reshaping the country's fiscal system, or the government's own pocket, in pursuit of not only sustainable growth but modernized governance as well.

China Daily talked to experts of fiscal science at ministries, think tanks and universities, to hear what they had to say about the impact of the reform on officials, businesses and ordinary people.

The first article in a series of three will discuss how the reform will reshape the relationship between China's central and local authorities, and redefine the boundaries between the government and the market.