The Ministry of Finance (Mof) is one of the constituent departments of the State Council of the People’s Republic of China that is responsible for handling financial affairs. It is successor to the Ministry of Finance of the Central People’s Government established on October 1, 1949.
Currently, the Ministry of Finance is responsible for the following:
1. Formulating and implementing fiscal and taxation development strategies, planning, policies and reforms, analyzing and forecasting macro-economic situations, participating in making macro-economic policies, making proposals on using fiscal and taxation policies to practice macro-control and balance social financial resources in a comprehensive manner, and drafting income distribution policies between the central and local governments and between the state and enterprises;
2. Drafting laws and administrative regulations governing fiscal, financial and accounting management, formulating departmental bylaws, and conducting international negotiations on foreign-related financial affairs and debts and executing related agreements or protocols;
3. Managing revenues and expenditures of the central government; drafting and implementing annual budgets and final accounts of the central government; reporting to the National People’s Congress on budgets of and implementations by the central and local governments and to the Standing Committee of the National People’s Congress on the final accounts of the governments aforesaid; determining standards and quotas for expenditures and approving annual budgets and final accounts of government departments (units); and perfecting transfer payment systems, etc.
Social Security Department, Ministry of Finance
The Social Security Department is one of the business departments of the Ministry of Finance. Its primary responsibilities include: participating in researching and drafting social security regulations, policies and systems; drafting social security budgets of the central government; deliberating and proposing expenditure standards and quotas, annual budgets and expenditure budgets of special funds in consultation with the competent departments concerned; supervising budget implementation by the competent departments (units); tracking and holding to account the use of special funds, inspecting management and use of funds and availability of supporting measures, and undertaking performance appraisals over fund uses; formulating financial management measures for the competent departments (units) and for use of project funds in particular; examining and approving annual final accounts of the competent departments (units), etc.