The Press Conference 2017 Report on China’s Public Finance Development-Study on Standardized Management of China’s Governmental Fund Held in Our Schoo

TheSchool of Public Economics & Administration and our college jointly held apress conference in the conference room of our school’s Phoenix Building onJanuary 22, 2018, which titled 2017 DevelopmentReport on China’s Public Finance-Study on Standardized Management of China’sGovernmental Fund (hereinafter referred to as “the Report”). More than 30people, including the scholars from the financial, legal and public managementcircle of nationwide high schools, members of report writing group and theinvited guests from the media, witnessed the release of 2017 Development Report on China’s Public Finance. This is a seriesreport that has been published by the School of Public Economics &Administration and our college for the 19th consecutive year, it not only posesgreat impact on the academic and theoretical realm, but also plays a positiverole in promoting government departments to make relevant public financepolicies.

The pressconference was chaired by Prof. Liu Xiaobing, the dean of the School of PublicEconomics & Administration and the member of Academic Committee for Development Report on China’s PublicFinance. Dean Liu introduced the general condition of such series reportand the background, reason for selecting the topic of 2017 annual report.

Then WenJiaoxiu, the associate Prof. and the chief editor of 2017 Development Report on China’s Public Finance, reported themain contents and conclusion of the Report. The Report pointed out that: 1. Thefirst priority shall be given to division and homing of existing governmentalfund items in standardized management of governmental fund. And those itemswithout the nature of governmental fund shall be fully removed andstandardized; 2. The collection of China’s governmental fund will only belimited to the category of “special common levies” in the future, which aims tosolve specific problems during social development; it is believed that in China’sfinancial practice, the governmental fund shall be set as prudently as possibleand the list of governmental fund that really and ought to exist shall bepublished by the government in time each year as the strict base for fundcollection. 3. The governmental fund in the category of “special common levies”for which reservation is required shall be subject to legal management, whichcan be illustrated as: Firstly, the setting of governmental fund must adhere tothe principle of rule of law and meet the requirements of law reservation, and thekey elements of collection, such as the objective of governmental fundcollection, obligator of payment and use of income must be identified at thelegal level. Secondly, the procedure and system for governmental fundcollection shall be established. Thirdly, the NPC and its standing committeeshall review and supervise the period of governmental fund collection atregular intervals. 4. In terms of budget management, we think that thegovernmental fund budget after division and homing should be classified as specialfund budget in nature, and its range shall only be limited to the publishedcollection items with the characters of “special common levies”, while thenon-conforming items shall be excluded from the budget for governmental fund.Under the budget for governmental fund, each specific fund item can still bebudgeted independently, but each type of capital can only be earmarked forspecial purpose. All collection items mustn’t be mutually replaced and thecapital shall not be mutually appropriated. Meanwhile the budget surplus ofgovernmental fund collected for special purpose shall not flow to publicfinance budget.

Duringthe media communication stage, the media reporters from People’s Daily Online,Xinhua News Agency, China Education Newspaper, China Securities Journal, ChinaBusiness Network, 21st Century Business Herald and Pudong Times communicatedand exchanged views on the conclusion and advice of 2017 Development Report on China’s Public Finance and put forwardtheir suggestions and opinions on expanding the influence of the Report fromthe perspective of the media.

After the meeting break, thepresent experts had an in-depth discussion on some issues of the standardizedmanagement of China’s governmental fund. The Prof. Zhang Shuguang of ChineseAcademy of Social Sciences, Prof. Zhou Zhiren, Associate Prof. Zhang Changdongof Peking University, Prof. Lou Chengwu of Northeastern University, Prof. ShiZhengwen of China University of Political Science and Law, Prof. Li Weiguang ofTianjin University of Finance and Economics , Prof. Lei Lianghai of Universityof Shanghai for Science and Technology, Prof. and Curator of our school’slibrary Zhu Weiqun and Prof. & Executive Dean of our college Liu Xiaochuan exchangedviews and discussed fully about the standard for standardized management, legalmanagement and international comparison of China’s governmental fund. Finally,the present experts expressed their congratulation and appreciation to ourproject team of 2017 Development Reporton China’s Public Finance.