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
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.

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

Management

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.

List of Ministers

1. Bo Yibo (薄一波): October 1949-September 1953
2. Deng Xiaoping (邓小平): September 1953-June 1954
3. Li Xiannian (李先念): June 1954-January 1975
4. Zhang Jinfu (张劲夫): January 1975-August 1979
5. Wu Bo (吴波): August 1979-August 1980
6. Wang Bingqian (王丙乾): August 1980-September 1992
7. Liu Zhongli (刘仲藜): September 1992-March 1998
8. Xiang Huaicheng (项怀诚): March 1998-March 2003
9. Jin Renqing (金人庆): March 2003-August 2007
10. Xie Xuren (谢旭人): August 2007-incumbent

See also

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

References

1. ^ ^{a b} Ministry Of Finance People's Republic Of China

External links

• Official website (Chinese)