Chinese fiscal management has always been implemented carefully, which was shown in the selection of fiscal policy orientation. Reform of the financial and tax system in China in 1994 can be taken as a highlighted example. More and more facts repeatedly show that, as economic development entered the "new normal", Chinese financial operation has changed significantly. The change from "how to distribute and employ the extra fiscal revenues" to "how to cope with and make up the deficits caused by shortage of fiscal revenues" is very important in Chinese budget management. Reform of the financial and tax system was determined smoothly and began on an unprecedented scale, because finance at that time had fallen into an extremely difficult situation and was unable to develop by following the original system. As the main revenues of Chinese fiscal revenues, the tax revenues under the current tax system mainly come from added-value tax, consumption tax, business tax and other indirect taxes.