The adjustment and reform of China's fiscal policy will mainly focus on four aspects within this year, including improving structural tax reduction, increasing people's income, optimizing structure of fiscal expenditure and narrowing regional gap, China Securities Journal quoted Li as saying.

To improve the structural tax reduction and ease the burdens on companies and individuals, the government will practice new personal income tax law, halved or cut taxes for small and micro-sized companies and further expand scope of value-added tax (VAT) reform;

To increase people's income, the government will adopt a more proactive policy of employment and introduce minimum-income system in 2012 in a bid to raise the people's income and boost consumption;

To optimize structure of fiscal expenditure, the government will conduct more fiscal injection into education, medical care and the agricultural industry so as to improve the people's well-being.

To narrow regional gap between the eastern region and the central and western regions, the government will continue to promote economic structural adjustment and coordinate development among regions. (XIC)