The article features the tax reforms of the People's Republic of China and emphasizes the tax reform practice in the conditions of socialism with Chinese specifics, which correlates with the Rostow's Stages of Growth Model. The authors make a conclusion that the interaction of tax systems of Russia and China results in tax competition and convergence. The authors also point out that Russian tax reforms need tying up with tax targeting, which is the main component of the State tax policy. This will enable legal entities and individuals to take into account tax shocks.
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