The Ministry of Finance of the People's Republic of China () is the cabinet-level executive department of the State Council 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, an ...

policies and the annual

budget A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environme ...

. 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 variabl ...

, economic regulations 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. This includes information such as previous

economic growth Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate o ...

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 The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of vario ...

, 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. Because ...

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, t ...

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 federal funds, very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money s ...

, 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 State Council.

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, China Life Insurance Group (parent of

China Life China Life Insurance Company Limited (short China Life, ) is a Beijing-headquartered China-incorporated company that provides life insurance and annuity products. China Life is ranked No. 94 on Fortune 2015 Global 500 Company list. See also * ...

), China Taiping Insurance Group (parent of

China Taiping Insurance Holdings China Taiping Insurance Holdings Company Limited (CTIH) formerly China Insurance International Holdings Company Limited (CIIH), is a Chinese insurance conglomerate. The company has strong Chinese Central Government background despite being incor ...

), etc. The Ministry also owned

Industrial and Commercial Bank of China Industrial and Commercial Bank of China Limited (ICBC; ) is a Chinese multinational bank. Founded as a limited company on 1 January 1984, ICBC is a state-owned commercial bank. With capital provided by the Ministry of Finance of China, the b ...

, 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 m ...

, China Great Wall Asset Management,

China Cinda Asset Management China Cinda Asset Management Co., Ltd. known as China Cinda or just Cinda is a Chinese merchant bank and asset management company. The corporation was founded as a state-owned enterprise and a bad bank for China Construction Bank in 1999. The ban ...

China Orient Asset Management China Orient Asset Management Co., Ltd. is a Chinese state-owned enterprise. The company is an asset management company and a merchant bank originated as a bad bank for the Bank of China. The bank received shares from debt-to-equity swap of non ...

China Huarong Asset Management China Huarong Asset Management Co., Ltd. known as just China Huarong () is a majority state-owned financial asset management company in China, with a focus on distressed debt management. It was one of the four asset management companies that the ...

and China Re, etc. MOF also owned

China Railway China State Railway Group Company, Ltd., doing business as China Railway (CR), is the national passenger and freight railroad corporation of the People's Republic of China. China Railway operates passenger and freight transport throughout C ...

, China Tobacco and CITIC Group.

References

External links

Official website
{{DEFAULTSORT:Ministry Of Finance Of The People's Republic Of China Finance in China

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

Ministries established in 1949 Government finances in China