China to Deepen Reform of Budget-management System

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BEIJING, April 13 (Xinhua) -- The State Council, China's cabinet, on Tuesday unveiled a guideline on deepening reform of the country's budget-management system.

It specified measures covering six areas to improve the system, including strengthening budget revenue coordination, standardizing budget expenditures and enhancing budget implementation and performance management.

According to the guideline, the country will also step up risk prevention and control while ensuring its fiscal sustainability, with measures to improve the mechanism for local governments to raise debt in an appropriate manner and according to the law.

Efforts will also be made to improve fiscal transparency and better utilize information technology in budget management. Fiscal systems of the central and local governments will be connected while budget-related information will be shared across different departments, according to the document. 

Source: Xinhua