Formed 1949 Minister responsible Xiao Jie Website www.mof.gov.cn | Headquarters Beijing Parent agency State Council | |
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Jurisdiction People's Republic of China | ||
The Ministry of Finance (Chinese: 财政部; pinyin: Cáizhèng bù) of the Government 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.
Contents
The ministry also records and publishes annual macroeconomic data on China's economy. This includes 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 markets or interest rates. 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.
Role
The main functions of the Ministry of Finance is to carry out the following duties of the state:
Organizational structure
Organizational structure obtained from the Ministry of Finance website:
Management
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.