China News Service, Beijing, April 13. The State Council of China recently issued the "Opinions on Further Deepening the Reform of the Budget Management System" (hereinafter referred to as the "Opinions") to deploy specific measures to further deepen the reform of the budget management system.
The "Opinions" pointed out that the budget reflects the country's strategies and policies, reflects the scope and direction of the government's activities, is an important support for promoting the modernization of the country's governance system and governance capabilities, and is an important means of macro-control.
The "Opinions" clarified key reform measures in 6 areas:
The first is to increase the overall planning of budgetary revenue and enhance the ability of financial guarantees.
Standardize government revenue budget management, strengthen the overall management of government resources, strengthen the overall management of departmental and unit revenue, and revitalize various stock resources.
The second is to standardize budget expenditure management and promote standardization of fiscal expenditures.
Strengthen financial support for major decisions and deployments, rationally arrange expenditure budgets, vigorously optimize the structure of fiscal expenditures, improve the direct mechanism of fiscal funds, and promote the construction of an expenditure standard system.
The third is to strictly manage budget preparation and enhance the integrity of fiscal budgets.
Improve government budgeting, strengthen cross-year budget balance, strengthen departmental and unit budget management, and improve the government's financial reporting system.
The fourth is to strengthen budget execution and performance management, and strengthen budget binding.
Strengthen budget control over execution, promote budget performance management to improve quality and efficiency, optimize treasury centralized receipt and payment management, and expand government procurement policy functions.
The fifth is to strengthen risk prevention and control and enhance fiscal sustainability.
Improve the local government's appropriate borrowing mechanism in accordance with the law, prevent and resolve hidden debt risks of local governments, and prevent and resolve hidden risks in fiscal operation.
The sixth is to enhance fiscal transparency and improve the informatization level of budget management.
Improve the publicity of budget and final accounts, give play to the synergistic effect of multiple supervision methods, realize the information connection between the central and local financial systems, and promote the interconnection and sharing of budget information between departments.
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