Premier Li Qiang of the State Council stated in the Government Work Report that this year, China will continue to deepen reforms in key areas, focusing on building a high-standard socialist market economic system and strengthening efforts to tackle tough issues in reform. It will advance reforms in the fiscal, taxation, and financial systems, including enhancing the coordination of fiscal resources and budgets, increasing the proportion of proceeds collected from state-owned capital, deepening zero-based budgeting reforms, improving the local tax system, and adjusting and optimizing consumption taxes. Meanwhile, it will regulate the competitive order of financial institutions and promote the reduction in quantity and improvement in quality of local small and medium-sized financial institutions. It will deepen comprehensive reforms in investment and financing in the capital market, improve the mechanism for medium and long-term funds to enter the market, enhance the investor protection system, expand exit channels for private equity and venture capital funds, and increase the proportion of direct financing and equity financing.