The Experience and Enlightenment of the 40th Anniversary of the State-owned Capital Operating Budget and Financial Management System Reform in China

China Business and Market - - NEWS - (Institute of Industrial Economics,CASS,Beijing100836,China) HU Wen-long

Abstract:Since the founding of the People’s Republic of China,the reform of China's state- owned capital management budget and financial management system generally goes through the following four stages:the burgeoning stage of the system of government and enterprise regardless of planned economy(1949- 1978),the initial stage of exploration during the transition period of reform and opening up planned commodity economy(1978- 1992),the deepening reform stage(1992-2008),which has played a fundamental role in reforming the market economy,and the independent development stage(2008-present),which has played a decisive role in comprehensively reforming the market. In the past 40 years of reform and opening up,China's stateowned capital management budget and financial management system have continued to evolve and evolve. It is mainly determined by the rapid development of China's economic transformation in a short period of time across different stages of economic development. At the same time,it was deeply affected by China's economic system reform,fiscal system reform and stateowned enterprise reform in the same period. Adapting to the institutional needs of different stages of economic development is the fundamental motivation for the evolution of China's state-owned capital management budget and financial management system. The staged and compulsory institutional changes are the basic logic of the reform of China's state- owned capital management budget and financial management system. This is different from the gradual and induced changes of the internal financial system of Western countries that have undergone hundreds of years of natural evolution. At present,China's state- owned capital operation budget and financial management system should be appropriately adjusted as the economic development enters a new stage of high- quality development;and at the same time,we should pay attention to handling the relationship with the comprehensive deepening reform of China's economic system,fiscal system and state-owned enterprise management.

Key words:state-owned capital operation budget;financial management of state-owned enterprises;financial management system reform;staged;compulsory


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