
The draft revision to China's Budget Law, tabled for its fourth reading on Monday, requires funds raised through local government bonds to be used only for public service.
The bill was submitted to the bi-monthly session of the Standing Committee of the National People's Congress (NPC).
The deliberation of the bill has taken an unusual long time since its first reading in December, 2011. One of the most controversial issues is local government bonds.
The third version of the bill, tabled in April, greenlighted bond sales by provincial-level governments, but it placed them under strict conditions.
This fourth version states that the money raised can only be used for public service and that the central government will assess risk in local debt. If the risk is out of control, there will be warnings, a fast response and punishment for those responsible.
The bill also gives the public access to information about local government debts, purchases, budgets and audits.
Lawmakers must exercise their duty to examine budget reports, especially major expense items and big investments as well as inspect the development and efficiency of such projects.
GMT 15:13 2018 Saturday ,20 January
US 'erred' in supporting WTO membership for China, RussiaGMT 17:22 2018 Thursday ,18 January
US industrial output in 2017 posts biggest gain since 2010GMT 17:12 2018 Thursday ,18 January
No more bonuses for Carillion bosses after UK collapseGMT 17:20 2018 Wednesday ,17 January
EU to remove Panama, South Korea from tax haven blacklistGMT 17:16 2018 Wednesday ,17 January
Citigroup reports steep Q4 losses tied to US tax reformGMT 17:11 2018 Wednesday ,17 January
Pressure rises on British govt over Carillion collapseGMT 17:52 2018 Monday ,15 January
Iran jetliner deal could take longer to complete, Airbus saysGMT 17:44 2018 Monday ,15 January
EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor