China's top legislature, the Standing Committee of the National People's Congress (NPC) on December 25 adopted a decision on enforcing supervision of the State budget work to ensure a healthy development of national economy. Under the decision, financial departments of the State Council are required to improve their budget work and allocate funds according to regulations. The departments should strictly follow the principle of first making budgets and then allocating funds, the decision says. The State financial departments are also asked to report their budget to the NPC Financial and Economic Committee and submit a draft State budget to the committee for deliberation one and half month before the NPC holds its annual session. Then the NPC Financial and Economic Committee will seriously examine the draft budget and present its report to the NPC session. The NPC Standing Committee calls on auditing departments to work seriously according to law on the implementation of the State budgets. To ensure a good implementation of the State budget, the NPC Standing Committee also asks relevant departments to give detailed reports on the balance of payments and the allocation of major funds such as social security funds and government debts. |