【明報專訊】THE NEW POLICY which came out first after top Beijing leaders had vacationed in Beidaihe is a major reform said to have been "awaited for twenty-two whole years" – to promote the division of financial powers and expenditure responsibilities between the central government and local governments. About this the State Council has issued a document listing its guiding views. This reform, as it will substantively have to do with the system of centralised state power that has been in force for thousands of years in China and with the redistribution of tax revenue and related responsibilities between the central and local authorities, is one that will profoundly impact on China's power structure and socio-economic development.