The Ministry of Finance (MOF) recently released tentative measures for managing government funds, stating that applications to establish government funds must be submitted to the ministry and await approval from the State Council, the 21st century Business Herald reported Tuesday.
The measures also made a series of requirements for the definition, application and approval procedures, collection, budget management and supervision of government funds, the newspaper said.
This is the first time that clear regulations have been set for managing government funds, said Wang Chaocai, deputy director-general of the Research Institute of Fiscal Science under the MOF.
This will help end the unregulated situation in the collection and use of government funds. According to the ministry, as the definition of government funds was not clear, some departments set up government funds in the name of collecting fees and some exceeded their authority, the report said.
