Based on the comprehensive deepening of reforms and the “new normal” of economic development, the ongoing reforms of the fiscal and taxation system have many new features and changes that are different from those in the past. We should thoroughly and accurately understand the new features and changes of this round of fiscal and taxation system reforms, make comprehensive and timely adjustments to the past concepts, thoughts and practices, and comprehensively build a new pattern of China’s fiscal and taxation system with concepts, thoughts and practices that are quite different from those in the past. In terms of taxation system reform, we should target establishing a modern taxation system that is aligned with the modernization of the national governance system and governance capacity. In terms of budget management reform, we should target establishing a comprehensive, standardized, open and transparent modern budget management system. In terms of central-local fiscal relationship adjustment or fiscal management system reform, we should target bringing into play the enthusiasm of both the central and local governments.