China promotes budget transparency

Source:

03-13-2006 17:48

China will adopt a new budgeting and accounting system next year, in a bid to promote greater transparency in public spending. The Ministry of Finance says the reform is targeting managerial issues that exist in China's budgetary planning, spending and accounting systems. Many industry experts and analysts have been complaining in recent years, that the budget and financial reports submitted by the ministry give an incomplete picture of the country, and the reports are very hard to understand. The Ministry says the new system will provide a clearer structure, and contain more substantial content and explanations. The government will start its 2007 budgetary plan in the second half of 2006.

Editor:Wang Ping