A heated debate has been going on in the Chinese media about a possible reform of the income tax system this year.

Speculation abounds as to whether the new system will be household-based or individual-based, and whether the threshold can be raised for ordinary wage earners.

But in all likelihood, according to government officials and commentators close to the matter, changes won't be major and may be subject to further reforms. The final version may be subject to minor adjustments before it is implemented, most likely in the second half of the year, according to media reports.