China issues measures to improve state capital operations budget system

BEIJING - China's State Council has released a guideline document specifying key reform measures to improve the budget system for the revenue generated from state capital operations.

The guidelines outline detailed measures, aiming to put in place a comprehensive, optimized, smooth and effective budget system by the end of the 14th Five-Year Plan period (2021-2025).

The document calls for efforts to improve the earnings delivery mechanism for state capital operations and enhance the management of revenue from these operations to ensure that profit figures are correct and credible, and that earnings are declared and turned over in full and in a timely manner.

The guidelines also underscore the need to optimize the state capital expenditure structure, guide capital to focus on key areas and weak links, and enhance guarantees for major, national-level strategic tasks.