关键词: 财政困局 , 结构调整 , 路径定位 , 财政变革

Abstract: The discordance between Chinese fiscal mechanism and the development of social and economic environment causes the fiscal contradiction in the balance of payment and the structure contradiction between central and regional government, which leads to the fiscal policy dilemma. The structural adjustment conducted by the supply side of the government highly requires for government spending and tax reduction. Therefore, it is hard to persist. So the structural adjustment should focus on the demand side of the market. In the downward trending of economy, companies do not have much flexibility, so that tax reduction conducted by government cannot help companies to develop. Instead, we need to spur the aggregate demand through innovations. To sum up, we need to carry out adaptable fiscal reform.

Key words: fiscal dilemma , structural adjustment , fiscal reform , reorientation