Ministry of Finance of the People's Republic of China

Ministry of Finance of the People's Republic of China

中华人民共和国财政部 Zhōnghuá Rénmín Gònghéguó Cáizhèngbù
Emblem of the People's Republic of China
Agency overview
Formed	1949
Jurisdiction	People's Republic of China
Headquarters	Beijing
Minister responsible	Lou Jiwei
Parent agency	State Council
Website	www.mof.gov.cn

The Ministry of Finance (MOF) of the Government of the People's Republic of China 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 publishes annual macroeconomic data on China's economy. This includes 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.

Role

The main functions of the Ministry of Finance is to carry out the following duties of the state:^[1]

Organizational structure

Organizational structure obtained from the Ministry of Finance website:^[1]

• General Office
• Policy & Programme Department
• Legal Department
• Tax Policy Department
• Tariff Policy Department
• Budget Department
• Treasury Department
• National Defense Department
• Administrative & Law Enforcement Department
• Education,Science & Culture Department
• Economic Construction Department
• Agriculture Department
• Social Security Department
• State Equity & Corporate Finance Department
• Finance Department
• International Department
• Accounting Regulatory Department
• Supervision Department
• State Rural Development Office
• Personnel & Education Department

Management

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.

List of Finance Ministers

See also

• Chinese financial system
• Taxation in China
• People's Bank of China
• Ministries of China

References

External links

• Official website (Chinese)

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