| Ministry of Finance of the People's Republic of China | |
|---|---|
| 中华人民共和国财政部 | |
| Agency overview | |
| Formed | 1949 |
| Jurisdiction | People's Republic of China |
| Headquarters | Beijing |
| Agency executives | Xie Xuren, Minister for Finance Zhu Zhigang, Vice Minister for Finance |
| Parent agency | State Council |
| Website | |
| http://www.mof.gov.cn/ | |
The Ministry of Finance of the People's Republic of China (simplified Chinese: 财政部; traditional Chinese: 財政部; pinyin: Cáizhèng bù) is the national executive agency of the Central People's Government which administers macroeconomic policies and the national annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state.
The ministry also records and publish annual macroeconomic data on China's economy. This include information such as previous economic growth rates in China, central government debt and borrowing and many other indicators regarding the Chinese economy.
The Ministry of Finance's remit is smaller than its counterparts in many other states. Macroeconomic management is primarily handled by the National Development and Reform Commission (NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for banking, insurance and securities. It also does not handle regulation of the money markets or interest rates. These, together with other aspects of monetary policy, are governed by the People's Bank of China (PBC), China's central bank. The Ministry, NDRC and PBC are equal in status, with their political heads all sitting on the State Council.
Contents |
The main functions of the Ministry of Finance is to carry out the following duties of the state:[1]
| Number | Main Function | Description |
|---|---|---|
| 1. | Economic and public finance policies | Formulating and implementing strategies, policies and guidelines for economic development, public finance for government revenue sharing between the central and provincial governments. |
| 2. | Administration of public finance and external debt | Draft laws and regulations on public finance, financial, accounting management, external finance and debts. |
| 3. | Annual budget for Central People's Government | Preparing the annual budget of the central government, priority spending, balancing the budget |
| 4. | Revenue and Tax legislation reforms | Proposing tax legislation plans - reviewing proposals on tax legislation and tax revenue regulations. |
| 5. | Central People's Government expendituree | Administering the central expenditures - procurement, expenses |
| 6. | Government Revenue distribution | Formulating and implementing the policy of distribution between the state and government owned enterprises |
| 7. | Economic Development Expenditure | Administering the central government expenditures for economic development, the appropriation for central government financed projects, and funds for technological innovation |
| 8. | Social Security Expenditure | Managing the social security expenditures from the central government; formulating the accounting management rules on social security funds; monitoring the utilization of the social security funds. |
| 9. | Domestic government debts | Formulating and implementing policies, rules and regulations on managing government’s domestic debts; treasury bond issuance; formulating policies, rules and regulations on managing government’s external debts |
| 10. | Accounting Regulations | Formulating and implementing accounting regulations - for government and private corporations and promoting accountability and transparency. |
| 11. | Fiscal and Tax Policies | Monitoring the implementation of fiscal and tax policies - laws and regulations, examining problems with the system and making changes. |
| 12. | Fiscal research and education | Research into fiscal policy and education resources to the wider community. |
| 13. | Other Duties as Directed | Undertaking other assignments of the State Council. |
Organizational structure obtained from the Ministry of Finance website:[1]
| Position | Name of Person |
|---|---|
| Minister | Xie Xuren |
| Vice Minister | Liao Xiaojun |
| Vice Finance Minister | Li Yong |
| Vice Finance Minister | Zhu Guangyao |
| Vice Minister | Zhu Zhigang |
| Vice Minister | Zhang Hongli |
| Deputy Minister of Finance | Bluiese Cheong |
| Deputy Minister of Finance | Zhang Shaochun |
| General Inspector | He Bangjing |
| Assistant Minister | Liu Hongwei |
| Assistant Minister | Ding Xuedong |
| Assistant Minister | Zhang Tong |
| Assistant Minister | Wang Baoan |
| Assistant Minister | Hu Jinglin |
The previous Minister of Finance, Jin Renqing, resigned 30 August 2007. His successor, Xie Xuren (谢旭人), took up office on 31 August 2007.
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