What Is the Treasury Budget?

Treasury funds are financial budget funds deposited in the treasury. According to the "Regulations of the State Treasury of the People's Republic of China", all budgetary revenues of the state shall be fully paid into the state treasury, and no unit shall withhold, pay or keep it by itself. Therefore, the total amount of the state treasury funds is the total budgetary revenue of the country, including the revenues of the central and local governments. Because the People's Bank of China specifically manages the treasury, the treasury funds are deposited in the People's Bank of China and its branches. Treasury is divided into central treasury and local treasury. Correspondingly, treasury funds are also divided into central treasury funds and local treasury funds. Their control rights belong to the Ministry of Finance and local fiscal departments at all levels. Treasury funds are mainly composed of various taxes, various funds included in the budget management, government borrowings, and income from issuing bonds. Where the People's Bank of China does not have a branch, the treasury is entrusted by a local commercial bank to a higher level and the local treasury funds are deposited in this commercial bank. ^[1]

Treasury funds

Treasury funds are financial budget funds deposited in the treasury. According to the "Regulations of the State Treasury of the People's Republic of China", all budgetary revenues of the state shall be fully paid into the state treasury, and no unit shall withhold, pay or keep it by itself. Therefore, the total amount of the state treasury funds is the total budgetary revenue of the country, including the revenues of the central and local governments. Because the People's Bank of China specifically manages the treasury, the treasury funds are deposited in the People's Bank of China and its branches. Treasury is divided into central treasury and local treasury. Correspondingly, treasury funds are also divided into central treasury funds and local treasury funds. Their control rights belong to the Ministry of Finance and local fiscal departments at all levels. Treasury funds are mainly composed of various taxes, various funds included in the budget management, government borrowings, and income from issuing bonds. Where the People's Bank of China does not have a branch, the treasury is entrusted by a local commercial bank to a higher level and the local treasury funds are deposited in this commercial bank. ^[1]

National revenue

Treasury funding function

The primary responsibility is to ensure that the funds are used in full, safe and efficiently. The full amount is to be accurately and timely received

The treasury fund system has a history of decades. So far, OECD countries including the United States, Japan, the United Kingdom, and France have generally implemented state treasury systems, and Italy, Norway, and Greece have also been established one after another, and some developing countries are also studying and piloting them.

The emergence of the national treasury bonus system has its specific historical background, and the most fundamental point is the management of long-term accounts of government financial funds, which are largely stranded in the accounts of various budget departments, resulting in inefficient use of financial funds. The treasury bonus system can effectively manage government revenues and expenditures, and ensure that government revenues and payments are regulated according to budget requirements. This is the reason that OECD countries generally adopt, and it is also proved by the practice of countries around the world.