The inclusive fiscal system guaran-tees the flexibility of local fiscal to obtain non-normative fiscal revenue outside the formal system,and balances the central authority with the vitality of local economic development.Based on land con-cessions as the main vehicle of inclusive finance,this article attempts to provide an analytical frame-work for China's economic development after the tax reform.The results of the study show that under the'land management'model of land develop-mentism,land concessions promote China's indus-trialization and urbanization by attracting mobile factors of production,such as labor and capital,and achieve incentive compatibility between central economic growth and the expansion of local non-normative fiscal revenue,while government financing amplifies this effect of land concessions.At the same time,under the decentralized economic system,the promotion game prompts local officials to self-inter-estedly adjust the behavior of land concessions,resulting in cyclical changes in land concessions.Extensive analysis shows that the effect of land concessions on economic growth and financial expansion has declined,especially in the Northeast and Midwest regions.In the future,we should fur-ther standardize the division of authority and expenditure responsibilities between the central and local authorities,and strengthen the supervision of non-normative fiscal revenues,such as land con-cession revenues,to ensure the sustainable devel-opment of local fiscal.
Fiscal system flexibilityLand developmentEconomic growthNon-normative fiscal revenueGovernment financing
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