SCIO briefing on 'high-quality achievements during the 14th Five-Year Plan period': Fiscal reform and development

Shou Xiaoli:

Let's continue. Two reporters are raising their hands. We'll take the last two questions, please.

National Business Daily:

In recent years, financial and accounting supervision has become a key term. Can you tell us what progress has been made in financial and accounting supervision during the 14th Five-Year Plan period? Thank you.

Lan Fo'an:

I'd like to invite Ms. Guo to answer this question.

Guo Tingting:

Thank you for your question. Financial and accounting oversight is an important part of the Party and state supervision system. Since the General Office of the CPC Central Committee and the General Office of the State Council issued the Opinions on Further Strengthening Financial and Accounting Supervision in 2023, all sectors of society have paid closer attention to this work. As the main responsible department, our responsibilities have also grown heavier. In recent years, we have continuously strengthened the systems and mechanisms for financial and accounting oversight, intensified supervision and achieved positive results. This is mainly reflected in the following areas:

First, we have carried out special campaigns to enforce financial and economic discipline, ensuring the effective implementation of the decisions and plans of the CPC Central Committee. This is the most important task of financial and accounting supervision. In recent years, we have focused on implementing proactive fiscal policies, with special attention to the use of additional treasury bonds, local government debt management and tighter oversight of illegal tax rebate incentives. We have strictly investigated and addressed problems as they arise, ensuring that all policies designed to benefit enterprises and the public fully deliver their intended impact.

Second, we are determined to crack down on financial fraud to maintain a healthy, fair and orderly market economy. Financial and accounting information is the universal business language. Its authenticity and quality directly affect the stability of the capital market, the development of business entities, and the vital interests of investors. We have continuously strengthened supervision of the accounting and asset evaluation industries. Over the past two years, we have conducted quality inspections of more than 4,600 accounting firms and nearly 1,500 asset evaluation institutions, strictly investigating and handling financial fraud and accounting deceit. At the same time, we have actively promoted improvements to laws and regulations such as the Accounting Law and the Certified Public Accountants Law, creating a market environment that respects the law, upholds integrity and encourages trustworthy business practices.

Third, we have strengthened regular budget execution oversight to ensure fiscal funds are used in a more standardized, efficient and secure manner. We have improved the integrated budget management system, establishing comprehensive oversight for central departments' budgets and transfer payments. At the same time, we have actively leveraged the local supervision strengths of the MOF's regional offices to continuously tighten budget discipline, strengthen execution, and ensure funds are used in compliance and for maximum effectiveness.

Fourth, we have strengthened coordination and integration between fiscal and accounting oversight and other forms of supervision to build a unified and effective monitoring system. We have systematically advanced fiscal and accounting oversight within the Party and state supervision systems, actively coordinated with disciplinary and inspection agencies, and improved the effectiveness of fiscal and accounting supervision through information sharing and joint action.

Looking ahead, the MOF will fulfill its primary responsibility for fiscal and accounting supervision and further strengthen its authority and effectiveness. We will enhance deterrence and risk prevention and ensure all parties strictly comply with financial and economic discipline. We will work more vigorously to implement the decisions and plans of the CPC Central Committee and more effectively safeguard market order, providing strong support for high-quality socioeconomic development. Thank you.