Premier Li Keqiang signed a decree of the State Council on Aug 20, making public the revision of the regulation on implementation of the budget law, which will come into force as of Oct 1 this year.
The revision details related stipulations in the regulation on implementation of the budget law and incorporates outcomes of the fiscal and taxation system reform and budget management practices over the past few years, to ensure public funds can be fully utilized and truly benefit the people.
The revision consists of 8 chapters and 97 articles, clarifying how public budgets at various levels should be created, tightening requirements on transparency, and improving the transfer payment system.
It also enhances the management of local government bonds and standardizes the handling of special fiscal accounts.
