China to improve economic legislation

China will continuously improve legislation in the economic field to promote sound development of the socialist market economy, says a white paper released Thursday by the Chinese government. The country will further improve legal institutions regarding budget management, fiscal transfer payment, financial risk control and taxation, according to the white paper titled The Socialist System of Laws with Chinese Characteristics released by the Information Office of the State Council, or China's Cabinet. This is to "meet the requirements of deepening the reforms of the fiscal, taxation and financial systems," says the white paper. It says that China will, in particular, strengthen taxation legislation and turn taxation regulations made by the State Council on authorization into laws. In addition, China will also improve laws regarding the state's management and control of economic activities in order to safeguard the country's economic security, according to the white paper.