System to reinforce efficiency of public funds use

China is aiming to establish a performance management system for budgets at various levels of government in the next three to five years to enable better budget management and policy implementation, according to a guideline published on Tuesday.

The guideline, jointly released by the Communist Party of China Central Committee and the State Council, aims to enable greater integration between budgets and performance management, and to improve efficiency of financial resource allocation and utilization.

It calls for efforts to accelerate the establishment of a modern financial system that is in line with requirements for comprehensively deepening reforms, as well as a budget system that is standardized, transparent, scientific and with effective rates of compliance.