在线国产一区二区_成人黄色片在线观看_国产成人免费_日韩精品免费在线视频_亚洲精品美女久久_欧美一级免费在线观看

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

New rules see tighter budgetary oversight

By Chen Jia | China Daily | Updated: 2020-08-22 06:49
Share
Share - WeChat
A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service]

China announced revised regulations on Friday to implement the new version of the Budget Law, which will take effect on Oct 1. The move underscores the authorities' goals of tightening budget management and curbing risks in local government debt, according to the Ministry of Finance.

The new regulations clarify the specific income and expenditure items in the government's four budget accounts: the general public budget, government fund budget, the State-owned capital operating budget and the social insurance fund budget. That will make budget management work clearer and more transparent, analysts said.

The revised rules will also help to build a sustainable modern financial system that optimizes the allocation of fiscal resources and supports long-term economic and financial stability, they said.

The general public budget, which comprises tax and nontax revenues and expenditures, can transfer a part of its funds to finance the social insurance fund account. Also, the State-owned capital operating budget, which remits profits of nonfinancial central State-owned enterprises, is allowed to move funds to the general public budget, according to a document released on the ministry's website.

The authorities also urged the establishment of a risk assessment system for all local government debt to warn regions with high debt risks. Measures are needed to supervise the process to resolve risks involving local government debt, the document said.

The revised regulation also allows the central government to transfer loans from foreign governments and international organizations to provincial-level local governments.

"New regulations are conducive to building a standardized debt financing system by local governments, which will further tighten debt management, helping to prevent and resolve debt risks," Finance Minister Liu Kun said on Friday.

The world's second-largest economy enacted the first phase of its budget reform in 1994 with the debut of the nation's first budget law. It had two major goals: raising overall fiscal revenues and reallocating revenues through a "tax-sharing system" between the local and central governments, analysts said.

China's second major fiscal reform arrived in 2014, through an amendment to the Budget Law of 1994. One of the key outcomes was overhauling budget reporting, including a requirement for central and local authorities to publish four budget accounts. That amendment represented a big step forward in transparency, experts said.

"With the latest amendment to the budget laws, there have been major breakthroughs in many aspects of the government's budget management work. But the previous regulations were no longer suitable for carrying out the new version of budget law, so it was urgent to revise them," said Liu Kun, the finance minister.

The regulations for implementing the budget law will clarify the scope of budget revenues and expenditures, according to Liu Yi, a public finance professor at the School of Economics at Peking University. That is conducive to the establishment of a scientific and sustainable modern financial system that optimizes the allocation of fiscal resources and supports long-term stability.

The new regulations indicate "the financial departments of local governments at all levels are responsible for the unified management of local government debts", which is helpful to restrain local authorities' impulse to borrow too much money, Liu added.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 中文在线观看www | 国产精品免费一区二区 | 亚洲欧美在线播放 | 国产女人和拘做受视频 | www日本com| 美女1区2区3区 | 国产精品视频专区 | 国产中文字幕亚洲 | 天天艹逼 | 国产成人在线视频 | 亚洲欧美综合一区 | 久久成人在线视频 | 免费高清av | 日韩av高清在线 | 欧美在线国产 | 欧美精品在线一区二区 | 99精品久久久久久蜜桃 | www.99精品| 国产视频h | 色老头av| 九一在线观看 | 日韩一区二区三区在线 | 婷婷激情五月 | 国产日韩欧美 | 亚洲国产精品久久久久秋霞不卡 | 欧美一区二区三区精品 | 国产女人和拘做受在线视频 | 久久精品1 | 亚洲黄色一区二区三区 | 日本在线www | 99精品一区二区 | 一区不卡在线 | 妞干网在线视频 | 国产精品久久久久久久久久东京 | 日韩在线播放一区 | 日本高清在线观看 | 精品在线一区二区三区 | 国产精品久久久久久亚洲调教 | 国产精品久久久久一区二区三区 | 久久国产成人 | 日韩拍拍 |