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Full Text: Report on China's central, local budgets

Updated: 2011-03-18 14:58
( Xinhua)

3. Making the management of public finance more scientific and meticulous and striving to utilize government funds more effectively

We will strengthen the legal institutions of public finance, and accelerate the revision of the Budget Law and the Law on Personal Income Tax and the enactment of the VAT Law. We will further standardize the procedures for compiling budgets, make budget content more detailed, genuinely reduce the number of budgets compiled by the central government for local governments, continue to make sure that funds are available for more budgetary items at the beginning of the year, and strictly manage departmental budgets. We will closely integrate budget compilation with budget implementation, the management of balances carried forward, and the management of assets of administrative agencies and institutions. We will work hard to improve management of budget implementation, and make budget implementation more prompt, uniform and effective. We will improve the system for managing budgetary funds. We will exercise strict oversight of public finance, improve the oversight mechanism that covers all government funds and all stages in the use of public finance and safeguard the safety of funds. We will continue to conduct inspections of the implementation of major fiscal and taxation policies. We will vigorously carry out pilot projects of a performance management system for the full course of budget compilation and implementation. We will speed up openness in the budgets, make the budget information that is made public more detailed, get financial departments and relevant departments at the county and township levels to make their expenditures on key projects to improve the people' s wellbeing more open to the public, and act promptly to make administrative expenses and other expenditures more open. We will continue to bring unauthorized departmental coffers under control, and do a good job of overseeing and inspecting finances for strengthening agriculture and benefiting farmers and funds for key projects to improve the people' s wellbeing. We will intensify our basic fiscal management work and its development at the primary level. We will strengthen supervision of local government debts and strive to guard against financial risks. We will promptly set up a system for the overall management and dynamic monitoring of the debts of financing platform corporations, and standardize management of these debts. We will accelerate the establishment of a mechanism to control the scope of local government debts and a mechanism to warn when they get too large, and promote the standardization of local governments' debt financing.

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