Ministry of Finance

A macro-control and regulation organ in charge of financial expenditures and revenues, financial and taxation policies, and the basic work of state-owned capital, the ministry shoulders the following main responsibilities, namely, to formulate and implement financial and taxation development strategies, policies, guidelines, long- and medium-term plans, reform plans and other related policies, take part in the mapping out of various macro-economic policies, put forward proposals on using financial and taxation policies to realize macro-control and comprehensive balance of social wealth, formulate and implement distribution policies between the central and local authorities and between the state and enterprises; draft laws and regulations concerning finances, administration of state-owned capital and accounting, formulate and implement such regulations, organize international negotiations and drafting of agreements concerning finance and debts involving foreign countries; draft annual central budgets and organize the implementation, report on the central and local budgets and their implementation to the National People's Congress and report to the Standing Committee of the National People's Congress on the final accounting as entrusted by the State Council; manage revenues of the central finance, capital outside the central budget and special financial accounts, and administer government funds; propose legislative plan on taxation, make arrangement and finalize financial and taxation revenue plans according to state budget, put forward proposals on the increase or reduction of taxes, readjustment of tax items and rates, reduction and exemption of taxes and provisional and special tax reduction and exemption which are of great impact on the central finance, take part in the negotiation on taxation involving foreign countries and international tariff, conclude the drafts of taxation agreements involving foreign countries, draft model copies of international taxation agreements, and take care of the routine work of the Tariff Regulation Committee of the State Council; manage the public expenditure of the central finance, draft and implement policies regarding government purchasing, manage the non-trade foreign exchange of administrative organs, government institutions and social organizations within the financial budget and the international balance within the financial budget; formulate and implement the policies, guidelines, reform plans, rules and regulations and methods of administration of state-owned capital, organize the implementation of making inventories of the assets and liabilities of state-owned enterprises, the definition and registration of the ownership and rights of capital and assets, be in charge of the statistics and analysis of state-owned capital, and guide the appraisal of properties; formulate and implement government policies, guidelines, rules and regulations and methods of management of domestic debts, compile plans of the issue of treasury bonds, formulate government policies and guidelines, rules and regulations and methods of management of foreign debts; supervise the implementation of policies, guidelines, laws and regulations on finance and taxation; and check and report on important issues in the manage ment of financial expenditure and revenue and put forward policy proposals on strengthening financial management.

The ministry consists of 20 departments: the general affairs office, comprehensive financial affairs department, budget department, law and regulation department, taxation system and regulation department, economic trade department, government debt and financing department, public expenditure department, social security department, agriculture department, eternal financial affairs department, international affairs department, capital construction department, accounting department, state-owned capital administrative department, state-owned capital statistical and appraisal department, property appraisal department, financial supervision department, state comprehensive agricultural development office and personnel and education department.