What Are Treasury Regulations?

The Ministry of Finance of the People's Republic of China is a constituent department of the State Council of the People's Republic of China and is at the ministerial level. Its predecessor was the Ministry of Finance of the Central People's Government, which was established on October 1, 1949.

Ministry of Finance of the People's Republic of China

In March 2018, according to the State Council institutional reform plan approved by the first meeting of the Thirteenth National People's Congress, the Ministry of Finance's responsibility for agricultural investment project management was integrated to form the Ministry of Agriculture and Rural Affairs of the People's Republic of China; The duties of supervision and inspection of implementation and other fiscal revenue and expenditure are assigned to the Audit Office of the People's Republic of China. ^[1-2]

Chinese name: Ministry of Finance of the People's Republic of China

Official website: www.mof.gov.cn/index.htm
Minister: Liu Kun ^[3]

The main functions of the Ministry of Finance of the People's Republic of China

(1) To formulate fiscal and tax development strategies, plans, policies and reform plans and organize their implementation. Analyze and forecast the macroeconomic situation, participate in the formulation of macroeconomic policies, and put forward proposals for the use of fiscal and tax policies to implement macroeconomic regulation and comprehensively balance social financial resources. Formulate distribution policies between the central and local governments, and the state and enterprises, and improve fiscal and tax policies that encourage the development of public welfare undertakings.

(2) Draft draft laws and administrative regulations on finance, finance, and accounting management, formulate departmental regulations, and supervise implementation. Organize international negotiations on foreign-related finances and debts and draft related agreements and agreements.

(3) Responsible for managing various fiscal revenues and expenditures of the central government. Prepare annual central budget and final accounts and organize implementation. Organize the formulation of funding standards and quotas, and review and approve the annual budget and final accounts of departments (units). Entrusted by the State Council, report to the National People's Congress and its Standing Committee on the budget, execution and final accounts. Responsible for the management of assets contributed by the central treasury of the government investment fund. Responsible for the release of the central budget and final accounts.

(4) Responsible for organizing the drafting of tax laws, administrative regulations, implementation rules and tax policy adjustment plans. Participate in foreign-related tax negotiations and sign foreign-related tax agreements and draft agreements. Propose tariff and import tax policies, and organize the formulation of tax-exempt industry policies and related management systems. Draw up a tariff negotiation plan, participate in relevant tariff negotiations, and propose special tariffs. To undertake the specific work of the State Council Tariff Commission.

(5) Responsible for government non-tax revenue management according to division of labor. Responsible for the management of government funds and manage administrative fees according to regulations. Manage financial bills. Formulate lottery management policies and related measures, supervise lottery market, and manage lottery funds in accordance with regulations.

(6) Organize the formulation of the treasury management system and the centralized treasury collection and payment system, guide and supervise the central treasury business, and carry out the treasury cash management work. Formulate government financial report preparation methods and organize implementation. Responsible for the formulation of government procurement system and supervision. Responsible for opening negotiations of government procurement market.

(7) To formulate and implement the government's domestic debt management system and policies. Formulate central and local government debt management systems and methods according to law. Prepare a balance limit plan for government bonds and local government bonds. Unified management of government foreign debts and formulation of basic management systems.

(8) Lead the preparation of a report on the management of state-owned assets. According to the authorization of the State Council, the central and unified performance of the state-owned financial capital investor's responsibilities. Formulate unified national rules and regulations for the management of state-owned financial capital. To formulate and implement the rules and regulations for the management of state-owned assets of administrative institutions, and to formulate expenditure standards and policies that require uniform national regulations.

(9) Responsible for reviewing and compiling the draft of national budget and final accounts of state-owned capital operations, formulating the state-owned capital operation budget system and methods, and collecting the state-owned capital gains of enterprises at the central level. Responsible for the formulation and organization of corporate financial systems. Responsible for the management of non-trade foreign exchange and the balance of payments within the fiscal budget of administrative institutions and social organizations within the fiscal budget.

(10) Responsible for reviewing and compiling the draft of the national social insurance fund budget and final accounts, and work with relevant departments to formulate the financial (fund) financial management system to undertake the financial supervision of the social insurance fund.

(11) Responsible for handling and supervising the economic development expenditures of the central government, financial allocations for central government investment projects, participating in the formulation of policies related to central infrastructure investment, and formulating infrastructure financial management systems.

(12) Undertake multi-bilateral financial and economic dialogues with relevant countries and regions, and carry out international exchanges and cooperation in the financial and economic field. Manage loans (grants) from multilateral development agencies and foreign governments as required. Represent our government in participating in relevant international financial and economic organizations.

(13) Responsible for managing national accounting work, supervising and standardizing accounting behaviors, formulating and organizing the implementation of a unified national accounting system, guiding and supervising the operations of certified public accountants and accounting firms, and directing and managing social auditing. Manage related work of asset evaluation according to law.

(14) Managing the National Council for Social Security Fund.

(15) Complete other tasks assigned by the Party Central Committee and the State Council.

(16) Function change.

1. Improve the macro control system, innovate control methods, build policy coordination and work coordination mechanisms for development planning, finance, and finance, strengthen economic monitoring, forecasting and early warning capabilities, establish and improve major problem research and policy reserve working mechanisms, and strengthen the macro-control forward-looking, Targeted and collaborative.

2. Deepen the reform of the fiscal and taxation system. Accelerate the establishment of a modern fiscal system, advance reforms in the division of fiscal authority and expenditure responsibilities, rationalize the division of revenue between the central and local governments, and establish central and local fiscal relations with clear powers and responsibilities, financial coordination, and regional balance. Improve the transfer payment system, optimize the classification of transfer payments, standardize transfer payment projects, and strengthen local overall planning capabilities. Gradually unify budget allocation, comprehensively implement performance management, and establish a comprehensive, standardized, transparent, scientific and effective budget system. We will comprehensively implement the management of government fund and administrative fee list and improve the supervision system. We will deepen the reform of the taxation system, improve the local taxation system, and gradually increase the proportion of direct taxes to form a taxation system that is unified in tax law, fair in tax burden, and moderately regulated.

3. Prevent and resolve local government debt risks. Standardize the debt financing mechanism, build a "closed loop" management system, strictly control the debt risk within the legal limit, focus on preventing and controlling hidden debt risk, and firmly hold to the bottom line that no systemic risk will occur.

(17) Relevant division of responsibilities.

1. Division of duties in tax administration. (1) The Ministry of Finance is responsible for putting forward taxation legislative proposals, and with the State Administration of Taxation and other departments to make suggestions on tax increases, tax rate adjustments, tax reductions and exemptions. The Ministry of Finance is responsible for organizing the drafting of tax laws, administrative regulations and implementation rules, and tax policy adjustment plans. The State Administration of Taxation specifically drafts tax laws, administrative regulations and implementation rules, and proposes tax policy recommendations. Joint reporting and distribution. The State Administration of Taxation is responsible for explaining tax collection and administration and general tax administration issues during the implementation of tax laws and administrative regulations, and then filing them with the Ministry of Finance afterwards. (2) The Ministry of Finance is responsible for organizing the drafting of tariff laws, administrative regulations and implementation rules. The General Administration of Customs and other departments participate in the drafting, and after the review by the Ministry of Finance, it is jointly reported with the General Administration of Customs. The adjustment of tariff rates is the responsibility of the Customs Tariff Commission of the State Council. The tariff tax policy adjustment plan was studied and proposed by the Ministry of Finance in conjunction with relevant departments.

2. Division of non-tax revenue management responsibilities. The Ministry of Finance is responsible for formulating and organizing the implementation of a centralized collection system for non-tax income, and is responsible for the management of non-tax income accounts, collection methods, and refunds. The State Administration of Taxation and other departments are responsible for non-tax income declaration and collection, unified accounting, payment inspection, arrears collection, and illegal penalties in accordance with relevant regulations on non-tax income collection and collection. Ministry shared in time.

3. Division of responsibilities for the management of state-owned assets of central administrative institutions. The Ministry of Finance is responsible for formulating rules and regulations for the management of state-owned assets of administrative institutions, and is responsible for organizing implementation, supervision and inspection. The State Organs Administration is responsible for the management of state-owned assets of the central administrative institutions (ie, the departments of the State Council, all institutions directly under the State Council, the Supreme People's Court, the Supreme People's Procuratorate, relevant people's organizations, etc.) and the service centers of the institutions. For registration and asset disposal, we shall formulate and implement specific systems and measures for the management of state-owned assets of central administrative institutions and institutions, and shall accept the guidance, supervision and inspection of the Ministry of Finance. Central administrative institutions are responsible for the management of state-owned assets of affiliated institutions (except government service centers, etc.) and dispatched agencies in accordance with regulations ^[4] .

Organization of the Ministry of Finance of the People's Republic of China

Ministry agencies :

(1) Office. Responsible for the daily operation of the agency, responsible for information, news and publicity, security and confidentiality, letters and visits, and open government affairs. Undertake the finance, government procurement, and state-owned assets management of the government and its direct units.

(2) Policy Research Office. Make specific suggestions and urge the implementation of the central government's major decisions on financial and economic work. Study major issues in economic, social, and fiscal work, propose fiscal and taxation reforms and important fiscal and taxation policies, and propose financial support for reform and development in related fields.

(3) Comprehensive Department. Analyze and forecast the macroeconomic situation and propose macroeconomic control policies and suggestions, as well as suggestions for medium- and long-term fiscal planning. Organize the construction of financial information database. Organize the formulation of the government purchase service system. Put forward income distribution policy suggestions and reform plans. Manage housing reform and security funds. In conjunction with relevant parties, formulate policies for the transfer of revenue, expenditure and other resources of state-owned resources such as land, sea islands, and minerals. Responsible for lottery management. Responsible for cleaning up and standardizing civil servant subsidies. Manage financial bills.

(4) Law Division. Draft relevant laws and administrative regulations and rules. Undertake the examination of the legitimacy of relevant regulatory documents. Organize fiscal law popularization work. Undertake major administrative punishment hearings, administrative reconsideration, and administrative response.

(5) Department of Taxation. Organize the drafting of tax laws, administrative regulations and implementation rules. Suggestions on tax increase, reduction of tax items, adjustment of tax rates, tax reduction and exemption, and tax policy adjustment programs. Undertake foreign tax-related negotiations and draft international tax agreements and model agreements. Carry out tax source investigation and analysis. Organize the formulation of government non-tax revenue management systems and policies, and undertake related tasks such as government fund management and administrative fee collection.

(6) Department of Customs (Office of the Tariff Commission of the State Council). Organize the drafting of tariff laws, administrative regulations and implementation rules. Put forward suggestions for adjusting tariff rates. Propose tariff and import tax policy recommendations. To formulate a tariff negotiation plan, undertake relevant tariff negotiation work, and propose special tariff collection proposals.

(7) Budget Department. Put forward proposals for fiscal policy, fiscal system, budget management system, and government debt management system, and organize the preparation of medium-term fiscal plans. Prepare annual central budget estimates and budget adjustment plans, and organize the preparation and review of the central general public budget, government fund budget, state capital operating budget, and social insurance fund budget. Organize the construction of central department expenditure standard system and project library management. Undertake the central government's transfer payments to local governments, and aggregate annual local fiscal budgets. Undertake government debt management.

(8) Treasury Department (Government Procurement Management Office). Organize budget execution, monitoring and analysis forecast. Draw up the general budget accounting system. Organize the formulation of the treasury management and centralized treasury collection and payment system. Organize the implementation of centralized collection of government non-tax revenue. Manage financial and budgetary unit accounts, financial accounts and general accounting. Draw up a government financial report preparation system and organize its implementation. Responsible for treasury cash management. Responsible for the management of domestic debt issuance and redemption. Draw up government procurement system and supervise and manage, and undertake the negotiation work of government procurement market opening.

(9) Department of Defense. Undertake department budgets and related budget expenditures in the military, military industry, and military-civilian integration development, and propose related fiscal policies. Formulate relevant financial management systems for military scientific research institutions. Work with relevant parties to formulate bargaining rules for military pricing.

(10) Department of Economic Construction. Undertake department budget and related budget expenditure related to industry, transportation, energy, commerce and trade, food and material reserves, construction, emergency response, etc., and propose relevant fiscal policy recommendations. Handle financial allocations for central infrastructure investment, participate in the formulation of relevant policies, and formulate infrastructure financial management systems. Undertake relevant policy subsidies and financial management of special reserves. Responsible for the relevant work of the three central enterprises of the railway, postal service and tobacco, where the Ministry of Finance performs the role of investor on behalf of the State Council.

(11) Department of Administration, Politics and Law. Responsible for departmental budgets in related areas such as administration, politics and law, diplomacy, international development, and economic and trade cooperation, and related budget expenditures, and propose relevant fiscal policies. Draw up the financial management system for administrative expenses, and propose expenditure standards and quotas. Draw up a living treatment system for those who go abroad (border) for business and personnel of agencies in Hong Kong and Macao. Responsible for the payment of membership dues and donations to international organizations from national finances. Undertake unified dress management.

(12) Department of Science, Education and Culture (Office of the Leading Group for the Supervision and Management of State-owned Assets of Central Cultural Enterprises). Responsible for departmental budgets in the areas of publicity, culture and tourism, science and technology, education, sports and related budget expenditures, and propose related fiscal policies. Responsible for the work of the central cultural enterprises where the Ministry of Finance performs the role of investor on behalf of the State Council. Draw up a common financial management system for public institutions. Manage the central government's population science and technology funds and the central education institutions' financial education funds. Undertake the daily work of the leading group of state-owned assets supervision and management of central cultural enterprises.

(13) Department of Social Security. Undertake department budget and related field budget expenditure related to human resources and social security, civil administration, health and health, veterans affairs, medical security, etc., and propose relevant fiscal policy recommendations. Develop related financial (fund) financial management system in conjunction with relevant parties. Review and compile a draft of the national social insurance fund budget and final accounts. Undertake financial supervision of social insurance funds.

(14) Department of Natural Resources and Ecology and Environment. Responsible for department budgets and related budget expenditures related to natural resources, ecological environment, forestry and grassland, etc., and propose to promote resource conservation, land improvement, ecological protection and restoration, pollution prevention, nuclear and radiation safety, marine, surveying and mapping, national park construction, etc. Financial policy recommendations. Participate in the formulation of development plans and policies in the field of natural resources and ecological environment.

(15) Department of Agriculture and Rural Affairs. Undertake the department budget of agriculture and rural areas, water conservancy, meteorology, poverty alleviation and other related budget expenditures, and propose relevant fiscal policies. Undertake financial support for the implementation of the rural revitalization strategy, and make overall arrangements for financial poverty alleviation funds. Put forward suggestions on policies and measures for comprehensive rural reform. Responsible for the related work of Heilongjiang Beidahuang Farming Reclamation Group Corporation where the Ministry of Finance performs the role of investor on behalf of the State Council.

(16) Asset Management Department. To formulate and implement the rules and regulations for the management of state-owned assets of administrative institutions, corporate financial systems, and the preparation of corporate financial accounting reports. Promote the centralized and unified supervision of the operating state-owned assets of central administrative institutions. Implementation of state-owned asset management reporting. Responsible for asset evaluation management.

(17) Financial Department. Undertake coordination and coordination of fiscal policy, monetary policy, financial supervision, and financial system reform. To formulate rules and regulations for the management of state-owned financial capital, and to undertake the work of the central state-owned financial capital investor. Undertake budget-related work in the financial sector, and formulate financial systems for financial enterprises and financial management departments. Formulate policies related to policy finance and inclusive finance. Undertake the management of government external debt. Work with relevant parties to formulate investment management measures for the National Social Security Fund. Formulate a government and social capital cooperation system in the field of public services.

(18) Department of International Economic Relations (Hong Kong, Macao and Taiwan Offices). Study and analyze major issues in international economic relations. Undertake matters related to international multilateral and bilateral financial cooperation and dialogue. Undertake the management of foreign affairs of the Ministry of Finance. To undertake cooperation and exchanges involving Hong Kong, Macao and Taiwan.

(19) Department of International Financial Cooperation. Study and analyze major issues in international financial cooperation. Responsible for investment and financing, development assistance, technical assistance, economic monitoring, and fund management of international financial organizations. Manage loans (grants) from multilateral development agencies and foreign governments as required. Responsible for the work of Chinese directors and executive board offices of international financial organizations.

(20) Accounting Department. Draw up and organize the implementation of a unified national accounting system. To guide the construction of accounting professionals and to undertake the management of accounting professional and technical qualifications in accordance with regulations. To guide and supervise the business work of certified public accountants, accounting firms and agency bookkeeping agencies.

(21) Supervision and Evaluation Bureau. Undertake supervision of fiscal and tax regulations and policies, and budget management. Responsible for supervision and inspection of the quality of accounting information, the practice of certified public accountants and the asset evaluation industry. Undertake work related to budget performance evaluation.

(22) Department of Personnel and Education. Responsible for the personnel, organization establishment and other tasks of cadres, agencies and direct units. Guide the construction of the financial system talent team and education and training. Undertake inspections of organs, dispatch agencies and direct units.

Organ Party Committee. Responsible for the work of the Party and the masses of the organs and units directly under the Beijing.

Retired Cadres Bureau. Responsible for the work of retired cadres ^[4] .

Subordinate institutions : Treasury Payment Center, Tariff Policy Research Center, Financial Science Research Institute of the Ministry of Finance, Cadre Education Center, Information Network Center, Institution Service Center, Investment Review Center, China Finance Magazine, China Finance and Economics Press, China Finance and Economics Press , Accounting Qualification Evaluation Center, National Agricultural Comprehensive Development Evaluation Center, Economic Science Press, Bill Supervision Center, Accounting Standards Committee, World Bank Loan Project Evaluation Center, Chinese Accounting Correspondence School, Beijing National Accounting Institute, Shanghai National Accounting Institute, Xiamen National School of Accounting, Asia-Pacific Finance and Development Center, China Finance and Tax Museum, China Clean Development Mechanism Fund Management Center, China Institute of Certified Public Accountants, China National Debt Association, National Budget Accounting Research Association, Chinese Accounting Association, China Abacus Mental Arithmetic Association, China Rural Finance Research Association , China Finance Association, China State-owned Assets Management Society, China Assets Evaluation Association, National Council for Social Security Fund. ^[1-2] ^[5]

Office of the Local Commissioner of the Ministry of Finance: The Office of the Ministry of Finance in Beijing, the Office of the Financial Supervisor in Tianjin, the Office of the Ministry of Finance in Tianjin, the Office of the Ministry of Finance in Hebei, the Office of the Ministry of Finance in Hebei, the Office of the Ministry of Finance in Shanxi Inner Mongolia Office of the Financial Ombudsman, Office of the Ministry of Finance in Liaoning, Office of the Ministry of Finance in Dalian, Office of the Ministry of Finance in Dalian, Office of the Ministry of Finance in Jilin, Office of the Ministry of Finance in Heilongjiang, Office of the Ministry of Finance Shanghai Office of the Financial Ombudsman, the Office of the Ministry of Finance in Jiangsu, the Office of the Ministry of Finance in Zhejiang, the Office of the Ministry of Finance in Zhejiang, the Office of the Ministry of Finance in Ningbo, the Office of the Ministry of Finance in Anhui, the Office of the Ministry of Finance in Anhui, Fujian Office of the Financial Ombudsman, the Office of the Ministry of Finance in Xiamen ^[6] , the Office of the Ministry of Finance in Jiangxi, the Office of the Ministry of Finance in Shandong, the Office of the Ministry of Finance in Shandong, the Office of the Ministry of Finance in Qingdao Office of the Ministry of Finance in Henan Financial Supervisor, The Office of the Ministry of Finance in Hubei, the Office of the Ministry of Finance in Hunan, the Office of the Ministry of Finance in Hunan, the Office of the Ministry of Finance in Guangdong, the Office of the Ministry of Finance in Shenzhen, the Office of the Ministry of Finance in Shenzhen, the Office of the Ministry of Finance in Guangxi, The Office of the Ministry of Finance in Hainan, the Office of the Ministry of Finance in Chongqing, the Office of the Ministry of Finance in Sichuan, the Office of the Ministry of Finance in Sichuan, the Office of the Ministry of Finance in Guizhou, the Office of the Ministry of Finance in Yunnan, The Office of the Ministry of Finance in Shaanxi, the Office of the Ministry of Finance in Gansu ^[7] , the Office of the Ministry of Finance in Qinghai, the Office of the Ministry of Finance in Ningxia, the Office of the Ministry of Finance in Ningxia, and the Ministry of Finance in Xinjiang office. ^[8]

Staffing of the Ministry of Finance of the People's Republic of China

There are 698 administrative staff in the Ministry of Finance. There are 1 minister, 4 deputy ministers, and 96 department-level leadership positions (including 1 assistant minister, 1 full-time deputy secretary of the party committee of the organ, and 3 retired cadres and leaders). ^[4]

The main leader of the Ministry of Finance of the People's Republic of China

Previous Ministers of the Ministry of Finance of the People's Republic of China

First term: Bo Yibo, from October 19, 1949 to September 18, 1953, served as Deputy Director and Minister of Finance of the Finance and Economic Committee of the State Council;

Second term: Deng Xiaoping, from September 18, 1953 to June 19, 1954, Deputy Prime Minister and Minister of Finance of the People's Republic of China;

Third term: Li Xiannian, Deputy Prime Minister and Minister of Finance of the State Council of the People's Republic of China from June 19, 1954 to January 17, 1975;

The fourth term: Zhang Jinfu, the Minister of Finance of the People's Republic of China from January 17, 1975 to August 17, 1979;

Fifth term: Wu Bo, Minister of the Ministry of Finance of the People's Republic of China from August 17, 1979 to August 6, 1980;

Sixth term: Wang Binggan, Minister of Finance of the People's Republic of China from August 6, 1980 to June 20, 1983, and State Councilor and Minister of Finance of the People's Republic of China from June 20, 1983 to September 3, 1992 ;

Seventh term: Liu Zhongli, Minister of Finance of the People's Republic of China from September 3, 1992 to March 18, 1998;

Eighth term: Xiang Huaicheng, term of office: March 1998 to March 2003;

Ninth term: Jin Renqing, term of office: March 2003 to August 2007;

Tenth term: Xie Xuren, term of office: August 2007 to March 2013; ^[9-10]

Eleventh term: Lou Jiwei, term of office: March 16, 2013 to October 2016; ^[11]

Twelfth term: Xiao Jie, term of office: October 2016 to March 2018 ^[12] ;

Thirteenth term: Liu Kun, term of office: March 2018 to present.

The current leader of the Ministry of Finance of the People's Republic of China

Minister of Finance and Secretary of the Party Group: Liu Kun

Zhao Huiling, head of the disciplinary inspection and supervision team of the State Discipline Inspection Commission of the Central Commission for Discipline Inspection and the Ministry of Finance:

Deputy Minister of Finance and members of the party group: Cheng Lihua, Liu Wei, Yu Weiping, Zou Jiayi, Liao Jun

Member of the Party Group of the Ministry of Finance, Secretary of the Party Group and Deputy Chairman of the National Social Security Fund Council: Wang Ercheng

Assistant Minister of Finance, Party Leader: Xu Hongcai

(Updated in February 2019) ^[13]