Report on China's central, local budgets (2012)

3. Making Public Finance Management More Scientific and Meticulous

We need to strengthen the legal framework for managing public finances, do a good job of revising the Budget Law and Law on Certified Public Accountants, and continue legislative work concerning a law on the environmental protection tax, an asset valuation law, regulations on state capital operations budgets, and other laws and administrative regulations. We will make our budgets more detailed, further reduce the size of expenditure budgets compiled by finance departments for relevant departments and projects, and make sure funds are available for more budgetary items at the beginning of the year. We will strengthen management of basic expenditure budgets, promote compilation of itemized rolling budgets, and improve the mechanism for evaluating key items before including them in the budget. We will tighten management over the implementation of budgetary expenditure, and make budgetary spending more timely, balanced, effective, and secure. We will strictly standardize the management over the use of surplus revenue. We will expand performance evaluation trials for budgetary expenditure, and all central government departments, provinces, cities, and counties should, in principle, carry out such trials. We will improve foundational work on fiscal management and its development at the primary level.

We will strengthen efforts to manage local government debts and prevent risks. In accordance with the principles of managing debts by type, taking different approaches to different situations, and clearing them in a step-by-step manner, we will continue to deal with existing debts prudently, and make clear who is responsible for repaying them. We will continue to straighten out and standardize financing corporations run by local governments, and resolutely prohibit governments at all levels from guaranteeing or promising the payment of debts in any form in violation of regulations. In addition, we need to combine short-term response measures with long-term institution building, and put in place a sound system for managing local government debts. We will strictly control new debts of local governments, set up a mechanism to control the scale of their debts and a mechanism to warn when they get too large, and gradually place debt-generated revenue and debt repayments under budgetary management on the basis of their type.

We will push forward efforts to make government budgets and final accounts more open and budgetary work more transparent. We will make more and detailed departmental budgets and final accounts available to the public. We will release to the public information regarding government agencies' spending on official overseas trips, official vehicles, and official hospitality as well as their administrative overheads, and make special expenditures of primary-level governments publicly accessible. We will exercise strict fiscal oversight, and intensify supervision and inspection of the implementation of major decisions of the central leadership and the use of funds for ensuring and improving living standards and for work related to agriculture, rural areas, and farmers in order to ensure that all policies are put into effect.

4. Striving to Increase Revenue and Reduce Expenditure

On the basis of implementing and refining structural tax cut policies, we will strengthen revenue collection and supervision in accordance with the law, resolutely stop and rectify unauthorized tax cuts and exemptions, crack down hard on tax evasion and fraud, and strive to ensure that all taxes due are collected. We will guarantee funding for key expenditure items; strictly control regular expenditures and spending on official overseas trips, official vehicles, and official hospitality; tightly regulate forums, symposiums, celebrations, and other activities as well as the construction of office buildings and other facilities for Party and government agencies; and work earnestly to lower administrative costs. We will encourage Party and government agencies to foster a conservation culture. We will practice thrift in everything we do, observe strict financial and economic discipline, economize wherever possible, and firmly oppose extravagance and waste.

Fellow Deputies,

It is vital that we successfully implement the 2012 budgets. Under the leadership of the Party Central Committee with Comrade Hu Jintao as General Secretary, we will hold high the great banner of socialism with Chinese characteristics, follow the guidance of Deng Xiaoping Theory and the important thought of Three Represents, thoroughly apply the Scientific Outlook on Development, willingly accept the oversight of the NPC, and listen to comments and suggestions from the CPPCC National Committee with an open mind. We will work diligently and break new ground to ensure complete implementation of the budgets, so we can make positive contributions to achieving all the targets for economic and social development in 2012 and welcome with proud achievements the coming Eighteenth National Congress of the CPC.

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