Transparency made key to govt financial reports

The Ministry of Finance requires that by the end of 2020 all levels of government in China publicly release detailed financial reports.

Under the measure approved by the State Council on Wednesday, governments must disclose in these reports their assets, debts and operational costs, which currently are not included in their annual financial reports.

"The approval of the regulation marks the official beginning of China's governmental financial report reform, which will help accelerate governmental transparency nationwide," the ministry said in a statement.