|Publisher:||Qiushi Journal Press|
updated: 2011/4/1 0:00
The Ministry of Finance, a component department of the State Council of the People's Republic of China, is an important department that participates in, formulates and carries out macroeconomic regulatory policy. Its main responsibilities are: planning and carrying out the relevant principles and policies for tax collection, management of domestic government debt, administration of state assets and funds and government procurement. It is responsible for formulating the drafts for the annual central government budget and final accounting and for organizing budget implementation and reports to the National People's Congress on the central and local budgets and their implementation on behalf of the State Council. The ministry also manages all central government tax revenue and public expenditures, extra budgetary funds and special public finance accounts of the central government, and expenditures from the central budget for the social safety net and related government funds. It arranges for and oversees central government expenditures for economic development, budgetary funding for central government investment items and use of central government funds for tapping the potential and upgrading of technology of enterprises. Finally, the ministry oversees the implementation of related finance and tax policy and related laws and regulations.
(Appeared in Qiushi Journal, English edition, Issue2, Year2011)