The financial and tax system has always played a fundamental, institutional, and protective role in governing the country and ensuring national security. Currently, the reform of the financial and tax system is continuously advancing in depth. Since the 18th National Congress of the Communist Party of China, the Party Central Committee has made a series of reform deployments around the establishment of a modern fiscal system and a modern tax system, achieving positive results. During the 13th Five Year Plan period, establishing a modern fiscal system is the overall goal of fiscal system reform, emphasizing the establishment of a modern fiscal system with characteristics such as equal rights and responsibilities, effective checks and balances, efficient operation, accountability, and sustainability. The report of the 20th National Congress of the Communist Party of China clearly states that deepening reform and opening up is one of the major principles that must be firmly grasped on the path forward. It proposes to build a high-level socialist market economy system, improve the modern budget system, optimize the tax system structure, and improve the fiscal transfer payment system. Finance is the foundation and important pillar of national governance. The financial and tax system is an important guarantee for leveraging the fundamental and pillar role of finance in national governance and achieving economic and social development goals. Planning for a new round of financial and tax system reform is an important part of the list of tasks for deepening key areas of reform proposed at the Central Economic Work Conference held in December 2023. The task list of "steadfastly deepening reforms and enhancing endogenous development momentum" deployed in the 2024 Government Work Report also includes planning a new round of financial and tax system reform. Actively planning for a new round of fiscal and tax system reform is of great significance to better play the role of fiscal governance, stabilize the expectations of relevant actors, promote sustained economic recovery and high-quality development, and break the institutional barriers in the process of Chinese path to modernization. Plan a new round of financial and tax system reform to better leverage the effectiveness of fiscal governance. The financial and tax system covers the entire system of government revenue and expenditure. Taking the budget as an example, the government budget is an important carrier that connects policy objectives, resources, and public services, and is an important guarantee for achieving various policy objectives. A sound budget management system is conducive to improving the effectiveness of fiscal policy implementation, leveraging the efficiency of fiscal fund utilization, and fully leveraging the effectiveness of fiscal policy governance. We should pay attention to using digital technology, information technology and other technological means to empower budget management reform, and enhance efficiency and quality through strong management. Plan a new round of financial and tax system reform and guide relevant actors to expect improvement. Expectations are becoming increasingly important macroeconomic control variables. At present, the external environment is still uncertain and complex, and the internal circulation needs to be further unblocked. The expected repair of relevant behavioral entities is still complex and slow. The reform of the financial and tax system will have positive effects at the macro and micro levels, which are reflected in the improvement of fiscal normalization management capabilities and the avoidance of internal risks and hidden dangers at the micro level. At the macro level, it is reflected as a promoting effect on economic development and social progress. The active planning and promotion of the new round of financial and tax system reform is conducive to stabilizing social expectations, stimulating the internal motivation and innovative vitality of relevant actors. Plan a new round of financial and tax system reform to promote sustained economic recovery and high-quality development. High quality development is the main path for China's economic and social development, and it is also an inherent requirement for formulating and implementing various reform policies. Promoting high-quality development relies on reform. Only by deepening reform and opening up, promoting a better combination of effective markets and promising governments, continuously stimulating and enhancing economic endogenous momentum, and promoting high-quality development, can new and greater results be achieved. At present, China's economy maintains a sustained and long-term trend of improvement, but it still faces cyclical, structural, and systemic problems in its operation, and the foundation for sustained economic recovery and improvement is not yet stable. An active fiscal policy, through moderate strengthening, improving quality and efficiency, and focusing on key links between supply and demand, will further enhance the certainty of economic recovery and promote high-quality development. Against the backdrop of sustained economic pressure and narrowing policy space, actively planning financial and tax system reform is conducive to further expanding policy space, strengthening the systematic integration of fiscal policies, funds, and systems at all levels, and forming a joint force of policies, funds, and systems to ensure high-quality development of finance. Planning a new round of fiscal and tax system reform will help to break down the institutional barriers to the advancement of Chinese path to modernization. The modernization construction has entered a period of strategic opportunities and risks coexisting, with an increase in uncertain factors. Comprehensively deepening reform can provide strong impetus and institutional guarantee for Chinese path to modernization. As an important part of comprehensively deepening the reform, the new round of fiscal and tax system reform needs to focus on breaking the institutional barriers to the advancement of Chinese path to modernization. We need to study and plan to deepen the reform of the financial and tax system around the significant relationships between the government and the market, the central and local governments, and the government, enterprises, and individuals. The financial and tax system is closely related to the overall economic and social situation, with far-reaching impacts. The new round of financial and tax system reform needs to be actively planned and steadily promoted. The financial and tax system involves various interests, and it is necessary to adhere to the principles of systematic thinking, problem orientation, and first establish and then break, actively and prudently plan and promote. Focusing on the requirements of Chinese path to modernization and high-quality development goals, focusing on the three major tasks of "improving the modern budget system, optimizing the tax system structure, and improving the financial transfer payment system" deployed at the 20th CPC National Congress, we will study how to improve the modern budget system, how to further improve the scientific integrity of the budget, and how to optimize the allocation of financial resources. We will break the rigid pattern of spending, reduce non rigid, non urgent, inefficient and ineffective spending, strengthen financial support for major decision-making and deployment, and enhance the ability to allocate financial resources. On the premise of maintaining macroeconomic tax burden and basic tax system stability, we will promote the optimization of tax structure, improve local tax system, improve green tax system, and promote non tax revenue reform. By improving the fiscal transfer payment system, exploring the establishment of incentive and constraint mechanisms for promoting high-quality development, and improving the system that matches fiscal authority and expenditure responsibility, we will effectively promote the implementation of reform tasks. (Lai Xin She)