China will endeavor to build a comprehensive, transparent and efficient fiscal and tax system by strengthening reforms in the coming years, the central leadership of the Communist Party of China (CPC) said on June 30.

Priorities include improving management and supervision of government budgets, facilitating the building of a comprehensive, well-regulated and transparent modern budget system and optimizing the tax system, said a statement released after a meeting of the Political Bureau of the CPC Central Committee, presided over by its General Secretary Xi Jinping.

High priority will also be given to adjusting powers and spending responsibilities held by central and local governments, and adjusting the distribution of revenue between them while keeping the current division of financial resources between the two parties stable, it added.

A framework plan for reinforcing China's fiscal and tax system reforms was reviewed and agreed upon at the meeting.

The goal of the reforms is to set up a unified, comprehensive, well-regulated, open, transparent and efficient modern fiscal system that is conducive to better resources allocation, social equality and national stability, according to the statement.

It noted that China aims to fulfill key tasks in the new round of fiscal and tax reforms by 2016, and establish a basic modern fiscal system by 2020.