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Speaker: Dr Ehtisham AhmadChair: Professor Athar HussainRecorded on 9 June 2011 in Thai Theatre, New Academic Building.Does China need to conduct another "fundamental rethink" of the fiscal system as in 1993/4? The 1994 reforms have served the country well, but are inadequate in relation to the needs of local governments, and the stage of development that China now finds itself at. In particular, spending assignments that were not addressed in 1994 need to be tackled, along with own-source revenues to lead to greater sub-national responsibility and accountability, as well as levels of investment needed to maintain sustainable employment opportunities. A comprehensive reform is suggested, including revisiting tax and spending assignments, furthering domestic resource mobilization, as well as a redesign of transfers, budget systems, and development of local and municipal financing mechanisms.Listen the conference on LSE website