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The State Council, China's cabinet, has introduced a new plan to bestow every citizen in the country a tax ID.

The tax ID would be similar to that of the social security number in other countries.

Chinese citizens will have to register their tax ID when signing work contracts, paying insurance and buying properties.

Officials contend the changes will better help them track individual's sources of income and personal assets.

Currently, only companies have tax IDs in China.

Individual citizens don't have to declare their sources of income.

Income taxes are paid through people's employers.