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

Agency overview
Formed 1949
Jurisdiction  People's Republic of China
Headquarters Beijing
Minister responsible
Parent agency State Council
Website www.mof.gov.cn
Ministry of Finance of the People's Republic of China
Simplified Chinese 财政部

The Ministry of Finance (Chinese: 财政部; pinyin: Cáizhèng bù) 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]

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

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

Management

Position Name of Person
Minister Xiao Jie
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.

List of Finance Ministers

№ Name Took office Left office
1 Bo Yibo October 1949 September 1953
- Rong Zihe (戎子和, acting) October 1952 September 1953
2 Deng Xiaoping (邓小平) September 1953 June 1954
3 Li Xiannian (李先念) June 1954 June 1970
4 Yin Chengzhen (殷承祯) June 1970 January 1975
5 Zhang Jingfu (张劲夫) January 1975 August 1979
6 Wu Bo (吴波) August 1979 August 1980
7 Wang Bingqian (王丙乾) August 1980 September 1992
8 Liu Zhongli (刘仲藜) September 1992 March 1998
9 Xiang Huaicheng ( 项怀诚) March 1998 March 2003
10 Jin Renqing (金人庆) March 2003 August 2007
11 Xie Xuren (谢旭人) August 2007 16 March 2013
12 Lou Jiwei (楼继伟) 16 March 2013 7 November 2016
13 Xiao Jie (肖捷) 7 November 2016 Incumbent

See also

References

  1. 1 2 Ministry Of Finance People's Republic Of China
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