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]

  • 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 [2]
  • Accounting Regulatory Department
  • Supervision Department
  • State Rural Development Office
  • Personnel & Education Department

Management

Position Name of Person
Minister Liu Kun
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

List of Finance Ministers

№NameTook officeLeft office
1Bo YiboOctober 1949September 1953
-Rong Zihe (戎子和, acting)October 1952September 1953
2Deng Xiaoping (邓小平)September 1953June 1954
3Li Xiannian (李先念)June 1954June 1970
4Yin Chengzhen (殷承祯)June 1970January 1975
5Zhang Jingfu (张劲夫)January 1975August 1979
6Wu Bo (吴波)August 1979August 1980
7Wang Bingqian (王丙乾)August 1980September 1992
8Liu Zhongli (刘仲藜)September 1992March 1998
9Xiang Huaicheng ( 项怀诚)March 1998March 2003
10Jin Renqing (金人庆)March 2003August 2007
11Xie Xuren (谢旭人)August 200716 March 2013
12Lou Jiwei (楼继伟)16 March 20137 November 2016
13Xiao Jie (肖捷)7 November 201619 March 2018
13Liu Kun (刘昆)19 March 2018Incumbent

See also

References

  1. 1 2 Ministry Of Finance People's Republic Of China Archived 2007-08-20 at the Wayback Machine.
  2. ↑ The Ministry Finance (ed.) (2014). The People's Republic of China National Report on Sustainable Development. CreateSpace Independent Publishing Platform. ISBN 978-1-5007-8096-8.
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