Ministry of Finance of the People's Republic of China
Encyclopedia
The Ministry of Finance 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 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 market
s or interest rate
s. 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
.
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.
Executive agency
An executive agency, also known as a next-step agency, is a part of a government department that is treated as managerially and budgetarily separate in order to carry out some part of the executive functions of the United Kingdom government, Scottish Government, Welsh Assembly or Northern Ireland...
of the Central People's Government
Central People's Government
The Central People's Government is the central government of the People's Republic of China in Beijing. According to the 1982 Constitution, "Central People's Government" is synonymous with the State Council.-History:...
which administers macroeconomic policies and the national annual budget
Government budget
A government budget is a legal document that is often passed by the legislature, and approved by the chief executive-or president. For example, only certain types of revenue may be imposed and collected...
. It also handles fiscal policy
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
, 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
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
rates in China, central government debt
Government debt
Government debt is money owed by a central government. In the US, "government debt" may also refer to the debt of a municipal or local government...
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
National Development and Reform Commission
The National Development and Reform Commission , formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the Chinese State Council, which has broad administrative and planning control over the Chinese economy...
(NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for banking
China Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions...
, insurance
China Insurance Regulatory Commission
The China Insurance Regulatory Commission is an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry...
and securities
China Securities Regulatory Commission
The China Securities Regulatory Commission is an institution of the State Council of the People's Republic of China , with ministry-level rank...
. It also does not handle regulation of the money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
s or interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s. These, together with other aspects of monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
, are governed by the People's Bank of China
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland 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
State Council of the People's Republic of China
The State Council of the People's Republic of China , which is largely synonymous with the Central People's Government after 1954, is the chief administrative authority of the People's Republic of China. It is chaired by the Premier and includes the heads of each governmental department and agency...
.
Role
The main functions of the Ministry of Finance is to carry out the following duties of the state:| 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 Accounting management Accounting Management is the practical application of management techniques to control and report on the financial health of the organization. This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision making... , 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:- 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 Xie Xuren Xie Xuren , is the current Minister of Finance of People's Republic of China, and former Director-General of the State Administration of Taxation. He's also a member of the 17th CPC Central Committee.-Biography:... |
| 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
Jin Renqing
Jin Renqing was a member of the Central Committee of the Communist Party in the People's Republic of China, serving as deputy chief of the Development Research Center of the State Council and most recently Finance Minister.-Biography:...
, resigned 30 August 2007. His successor, Xie Xuren (谢旭人), took up office on 31 August 2007.
List of Ministers
- Bo YiboBo YiboBo Yibo was a Chinese politician and one of the Eight Immortals of the Communist Party of China....
(薄一波): October 1949-September 1953 - Deng XiaopingDeng XiaopingDeng Xiaoping was a Chinese politician, statesman, and diplomat. As leader of the Communist Party of China, Deng was a reformer who led China towards a market economy...
(邓小平): September 1953-June 1954 - Li XiannianLi XianniànLi Xiannian was President of the People's Republic of China between 1983 and 1988 and then chairman of the Chinese People's Political Consultative Conference until his death. He was an influential political figure throughout the PRC, having been a member of the Politburo of the Communist Party of...
(李先念): June 1954-January 1975 - Zhang Jinfu (张劲夫): January 1975-August 1979
- Wu Bo (吴波): August 1979-August 1980
- Wang BingqianWang BingqianWang Bingqian is a politician of the People's Republic of China and a former Minister of Finance of China.Born in Li County, Hebei, Wang joined the Communist Party of China in January 1940....
(王丙乾): August 1980-September 1992 - Liu ZhongliLiu ZhongliLiu Zhongli is the former Minister of Finance of the People's Republic of China, and former director of State Administration of Taxation of PRC. He also served as first president of National Council for Social Security Fund of PRC...
(刘仲藜): September 1992-March 1998 - Xiang HuaichengXiang HuaichengXiang Huaicheng is a Chinese economist and former minister of finance of China.-Biography:...
(项怀诚): March 1998-March 2003 - Jin RenqingJin RenqingJin Renqing was a member of the Central Committee of the Communist Party in the People's Republic of China, serving as deputy chief of the Development Research Center of the State Council and most recently Finance Minister.-Biography:...
(金人庆): March 2003-August 2007 - Xie XurenXie XurenXie Xuren , is the current Minister of Finance of People's Republic of China, and former Director-General of the State Administration of Taxation. He's also a member of the 17th CPC Central Committee.-Biography:...
(谢旭人): August 2007-incumbent
See also
- Chinese financial systemChinese financial systemChina's financial system is highly regulated and has recently begun to expand rapidly as monetary policy becomes integral to its overall economic policy...
- Taxation in China
- People's Bank of ChinaPeople's Bank of ChinaThe People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
- Ministries of ChinaMinistries of China-List of ministries of the People's Republic of China:There are 22 ministries in the State Council of the People's Republic of China.-Other agencies under the State Council:-See also:*State Council of the People's Republic of China-External links:**...