China stresses rectifying problems in central budget execution, fiscal revenues and expenditures

0 Comment(s)Print E-mail Xinhua, July 7, 2022
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An executive meeting of China's State Council has made arrangements for the rectification of problems discovered through the audits of central budget execution and other fiscal revenues and expenditures.

The meeting, chaired by Premier Li Keqiang on Wednesday, also decided to advance the use of electronic licenses and certificates in an orderly manner to stimulate the vitality of market entities.

The meeting stressed that concerned parties should be informed of the problems found in the audits and should assume responsibility to ensure that the problems are rectified properly. Severe punishments should be applied to those people and actions that are vile in nature, in accordance with the law, it said.

An in-depth analysis should be made of the common or recurring problems to improve the relevant rules and regulations, while efforts must be made to ensure that policies like tax refunds, tax and fee cuts, and inclusive financing, are fully implemented, said the meeting.

Acts such as tax-refund fraud should be cracked down on, while funds to ensure people's livelihoods, such as pensions, medical care, education and social assistance, should be spent in a safe and regulated way, the meeting said.

Governments at all levels should tighten their belts, it said. Funds that are inefficient or have long remained unused should be taken back, and more funds should be freed up to keep market entities and employment stable and ensure people's livelihoods.

The meeting called for the orderly expansion of the application of electronic licenses and certificates, which should be used more often in business activities such as market access, tax payment, financing and bidding.

Electronic seals should be issued in step with electronic business licenses to lower institutional transaction costs, while information sharing across departments and regions should be enhanced to facilitate the recognition of electronic business licenses and others, it said.

A number of cities will be chosen to pilot the use of electronic ID cards in accordance with laws and regulations, it added.

The meeting also highlighted the need to safeguard information security by improving security management regulations, enhancing information security protection, and protecting personal data, individual privacy and business secrets in accordance with the law.

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