The Ministry of Finance of the People's Republic of China () is the cabinet-level executive department of the

State Council State Council may refer to: Government * State Council of the Republic of Korea, the national cabinet of South Korea, headed by the President * State Council of the People's Republic of China, the national cabinet and chief administrative auth ...

which administers

macroeconomic Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

policies and the annual budget. It also handles

fiscal policy In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variab ...

economic regulation Regulatory economics is the economics of regulation. It is the application of law by government or regulatory agencies for various purposes, including remedying market failure, protecting the environment and economic management. Regulation Re ...

s and

government expenditure Public expenditure is spending made by the government of a country on collective needs and wants, such as pension, provisions, security, infrastructure, etc. Until the 19th century, public expenditure was limited as laissez faire philosophies b ...

for the state. The ministry also records and publishes annual

data on

China's economy The People's Republic of China has an upper middle income developing mixed socialist market economy that incorporates economic planning through industrial policies and strategic five-year plans. —Xu, Chenggang. "The Fundamental Institutio ...

. This includes information such as previous economic growth rates in China, central

government debt A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit oc ...

and borrowing and many other indicators regarding the economy of Mainland China. The Ministry of Finance's remit is smaller than its counterparts in many other states. Macroeconomic management is primarily handled by the

National Development and Reform Commission The National Development and Reform Commission of the People's Republic of China (NDRC), formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the State Council, which has b ...

(NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becau ...

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

. It also does not handle regulation of the

money market The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a compon ...

s or

interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, ...

s. These, together with other aspects of

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

, are governed by the

People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...

(PBC), Mainland China's central bank. The Ministry, NDRC and PBC are equal in status, with their political heads all sitting on the

Role

The main functions of the Ministry of Finance is to carry out the following duties of the state:Ministry Of Finance People's Republic Of China

Organizational structure

Organizational structure obtained from the Ministry of Finance website: *General Office *Policy & Programme Department *Legal Department *Tax Policy Department *Tariff Policy Department *Budget Department *Treasury Department *National Defense Department *Administrative & Law Enforcement Department *Education, Science & Culture Department *Economic Construction Department *Agriculture Department *Social Security Department *State Equity & Corporate Finance Department *Finance Department *International Department *Accounting Regulatory Department *Supervision Department *State Rural Development Office *Personnel & Education Department

Leadership

All of the leaders are members of the Ministry's Communist Party Committee, with Liu Kun as its secretary.

List of Finance Ministers

As shareholder

The MOF also acted as the controlling shareholder for a number of financial service companies of China, such as

People's Insurance Company of China The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder. The group contains the major subsidiaries: PICC Asset Managem ...

, China Life Insurance Group (parent of China Life), China Taiping Insurance Group (parent of China Taiping Insurance Holdings), etc. The Ministry also owned Industrial and Commercial Bank of China, the

Agricultural Bank of China Agricultural Bank of China (ABC), also known as AgBank, is one of the " Big Four" banks in China. It was founded on 10 July 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, ...

, the

Bank of Communications Bank of Communications Limited (BoComm) (; often abbreviated as ), is the fifth-largest bank in mainland China. Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in mo ...

China Great Wall Asset Management China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

, China Cinda Asset Management , China Orient Asset Management, China Huarong Asset Management and

China Re China Reinsurance (Group) Corporation () ("China RE") is one of the largest reinsurance groups in China. History and Company Background China Re originated from The People's Insurance Company of China, the first insurance company in the People' ...

, etc. MOF also owned China Railway,

China Tobacco The State Tobacco Monopoly Administration () or China National Tobacco Corporation ( commonly known as China Tobacco, CNTC) () is a Chinese government agency responsible for tobacco regulation and a state-owned manufacturer of tobacco products, ...

and

CITIC Group CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping ...

References

External links

Official website
{{DEFAULTSORT:Ministry Of Finance Of The People's Republic Of China Finance in China Finance China Ministries established in 1949 Government finances in China