President Xi Jinping unveiled a tax reform plan to strengthen China's local governments and shift revenue from central to local coffers.

President Xi Jinping unveiled a tax reform plan to strengthen China's indebted local governments in the Communist Party's long-term economic blueprint. The plan aims to gradually allow regional authorities to receive more consumption tax and shift revenue from central to local coffers, as China's top leader continues to fine-tune policies to manage risks. Xi's proposals mark the "third major taxation and fiscal reform" in recent history.