The evolution of the budgetary legislation of China

Abstract

The article deals with the history of the development of the budget legislation of the People’s Republic of China from its inception to the present day. The author on the basis of the study of domestic and foreign literature of legal, economic, historical nature traces the main trends in the development of legal regulation in this area, defines the features of the budget system of China at different stages of its functioning, the specifics of legal regulation. Much attention of the Chinese legislator remains for such issues as the formation and spending of extrabudgetary funds, the implementation of transfer payments from the Central budget to local budgets, ensuring the openness and transparency of the budget system of China. A special place in this regard is occupied by the formation and improvement of the structure of the budget system of the PRC, consisting of various types of budgets. Until now, many issues remain unresolved, in particular, the legal provision of effective control over the expenditure of public finance, ensuring the effectiveness and efficiency of spending, treasury budget execution. The successful nature of China’s economic development in recent decades, as well as the related problems PRC faces, have made it necessary to establish special rules in the Budget law aimed at regulating public debts, primarily by local governments, rules for public procurement, specific offences and measures of legal responsibility for violation of the relevant statutes. The distinctive features of the budget legal regulation of the People’s Republic of China is that there is no budget code; there is the predominant share of by-laws adopted by the Central and local governments, ministries, departments; there are lot of pilot projects before the introduction of new norms in the territory of the whole state. The article is accompanied by a translation from Chinese into Russian of the text of the current Budget Law of the People’s Republic of China.