Economy

Markets

Industries

Insights

Reports

Events

Chinese official highlights fiscal systmen and budget management

(Xinhua)
Updated: 2008-08-30 12:00

The Chinese government should improve budget management and public fiscal system construction, said an official with the Standing Committee of the National People's Congress (NPC) on Friday.

Zhu Zhigang, director of the Budgetary Work Commission of the NPC Standing Committee, made the remarks in a lecture, which was hosted by Chairman of the NPC Standing Committee Wu Bangguo.

A public fiscal system was a major component of China's market-oriented economy, said Zhu.

He suggested the government improve its fiscal and taxation system, speed up fiscal-related legislation, and ensure an open, fair and transparent fiscal mechanism.

The NPC should closely monitor revenues and expenditure, and supervise fiscal deficits.

China's fiscal revenue was 5.13 trillion yuan ($720 billion) in 2007, up 32.4 percent over the previous year, while fiscal expenditure rose 23.2 percent to 4.98 trillion yuan.