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China's economic performance over the past 30 years has been remarkable. The report is based on the strong conviction that China has the potential to become a modern, harmonious, and creative high income society by 2030. The report proposes six strategic directions for China's new development strategy: 1) rethinking the role of the state and the private sector to encourage increased competition in the economy; 2) encouraging innovation and adopting an open innovation system with links to global research and development networks; 3) looking to green development as a significant new growth opportunity; 4) promoting equality of opportunity and social protection for all; 5) strengthening the fiscal system and improving fiscal sustainability; and 6) ensuring that China, as an international stakeholder, continues its integration with global markets.

This paper analyzes the extent to which the degree of international economic integration, both financial and trade, affects corporate tax rates. It explores this issue in the context of strategic behavior by countries, taking into account other global and domestic political economy factors. Tax rates are analyzed using a unique tax dataset for advanced and developing economies extending over five decades. We report a number of novel results: there is no general negative relationship between financial globalization and corporate tax rates and revenues-results vary according to country grouping with OECD countries showing a positive relationship; the United States exhibits a \"Stackelberg\" type of leadership on other countries; trade integration is inversely correlated with tax rates; and public sentiment and ideology affect tax rates. The policy implications of these findings, particularly given budgetary pressures in the aftermath of the global crisis, are noted.

The Czech Republic has embarked on an ambitious tax reform and expenditure package to bring the deficit sustainably below 3 percent, and intends to reduce the deficit to 1 percent of GDP by 2012. To address the long-term fiscal challenge due to population aging, pension reform proposals are also being considered. In this paper we assess the macroeconomic effects of these measures using the Global Fiscal Model. The tax reform package will achieve a more efficient tax system. If implemented successfully with the intended expenditure savings measures, debt is projected to improve markedly while output would expand. Fiscal sustainability will not be restored, however, even if further measures to bring the deficit to 1 percent of GDP by 2012. Instead, raising the retirement age and prefunding future aging costs would be needed to keep debt below 60 percent of GDP through 2050.