The past 46 years since China’s reform and opening-up have witnessed many major reforms in finance. The transformation from economic construction to public finance has realized the transformation in fiscal function; the shift from unified revenue and expenditure to tax distribution has transformed fiscal system; and the transformation from single to public fiscal budget has reformed the nature of the fiscal budget. These three major fiscal reforms, a milestone in the history of China’s fiscal development, has exerted tremendous impact on China’s economic development.