China will take a major step to prepare for adopting a new budgetary system. The Ministry of Finance announced on April 5 in a news release that it would re-assess the assets and finances of all governmental institutions funded by the central government over the next nine months.
This is the second large-scale check of governmental institutions that the Ministry of Finance has conducted since the first one in 1993. It is aimed at gaining a clear idea of the actual state of assets, incomes, spending, personnel and funds of the governmental institutions. The statistics and information gained will be used as the basis for drafting budgets for each specific government department, according to the release. The Ministry of Finance announced that the move is an important step of the government to push forward reform of the country's budgetary system.
China will take a major step to prepare for adopting a new budgetary system. The Ministry of Finance announced on April 5 in a news release that it would re-assess the assets and finances of all governmental institutions funded by the central government over the next nine months.
