India's Goods and Services Tax (GST), rolled out in 2017, has significantly expanded the taxpayer base from 66.5 lakh to 1.65 crore, reflecting economic formalization. It has streamlined indirect taxation, digitized administration, and reshaped business operations and supply chains, leading to greater transparency and efficiency.
China is implementing nationwide social insurance reforms to allow more employees to qualify for benefits like pensions and medical coverage, regardless of their household registration. Experts anticipate this will boost urbanization, the real estate market, and consumer spending.
China's State Council announced new measures allowing workers to enroll in social insurance in their cities of employment, regardless of hukou registration. This reform aims to create a unified national market and address challenges for its 357 million migrant workers.
China's State Council held a meeting on May 21 to discuss advancing the construction of a unified national market. The meeting emphasized strengthening institutional frameworks, high-standard market facility connectivity, and breaking down barriers to unleash market vitality, aiming to foster high-quality development and a new development paradigm.
