China issues revised regulation on budget law implementation

BEIJING -- Chinese Premier Li Keqiang has signed a State Council decree to publish the revised regulation on the implementation of the budget law.

The revised regulation, which will go into effect on Oct 1, incorporates the outcomes of fiscal and taxation reform as well as the fruits of budget management practices in recent years, aiming to ensure that public finances truly benefit the people.

The revision clarifies how the public budgets at various levels should be created, tightens requirements on transparency, and improves the transfer payment mechanism.

It also enhances the management of local government bonds and standardizes the handling of special fiscal accounts.