Study On The Multi-Year Budget Balance Management In China

Over the past 4 decades,China's economy as has maintained rapid growth.At the same time,the finance is basically compatible with the high growth rate of the economy,and developed a stable system of revenue acquisition.The steady growth of fiscal revenue sustains the continuous expansion of fiscal expenditure.In the golden age of rapid economic growth,China has effectively responded to the challenges of national governance.However,China's fiscal turning point has arrived,the golden age of fiscal affluence gradually passed away,quietly from the "adequacy " to "shortage",the gap between income and expenditure gradually expanded.Moreover,after the middle and low speed growth of the economy became the norm,over the years the rich fiscal revenue and expenditure throughput,solidification into a kind of expenditure rigidity,entrenched formation,difficult to shrink back.How to realize the medium-and long-term balance of budget has become an important proposition to test national social governance in the new period.Cross-annual budget balance management is the main direction of China's budget reform,at the same time,it is also a complex and systematic project.It is necessary to study the internal mechanism,element composition,system operating conditions and characteristics carefully.At the same time,China has different conditions than the rest of the world,which means that it is not necessary to copy the experience of other countries,"clothing has a style",still need to "tailor",even if it is to learn from other countries of the excellent system,still need to examine their national conditions.To a certain extent,this article is in the cross-annual budget "clothing",the amount of China's national conditions of the "body." And this "body" is not only China's huge economic aggregates,political system,history and culture,financial system,population structure,regional differences and other factors.Based on this thinking clue,this paper has carried out the following research:First,cross-annual the relevant theoretical explanation of budget balance management.Starting from the definition and function of budget,this paper examines and answers "what is the budget and what is the budget going to do?" "The problem,and based on the main characteristics of the contemporary budget,puts forward that the budget of modern significance is the tool of the government to govern the society,and also the way of social supervision politics,while the" budget balance "is an important symbol of the" good governance "of the society.Furthermore,the budget balance is analyzed,and it is concluded that the modern budget balance can be portrayed from three dimensions: "Balance between government and market","balance between central and local" and "balance at a certain time".The combination of these three equilibrium dimensions is "cross-annual budget balance".Budget balance is a comprehensive theme,this paper chooses from the government,budget,system from the three angles of the theory,the above theory from different angles and budget balance,in fact,from the budget management subject,budget characteristics,budget system transaction attributes from several perspectives to analyze the operation and results of the budget,It can provide useful insights for us to understand budget balance and construct budget balance.Second,the construction of the general framework of cross-annual budget balance and the analysis of international experience.Taking into account the World Bank's medium-term budget framework,this paper designs a general framework for the cross-annual budget,which consists of three main elements.One,the basic element design.Mainly on the basic form of cross-annual budget design,sketched out the basic principles of cross-annual budget balance,reform objectives,coverage,architecture system and rolling mode.Second,the design of technical elements.is the technical arrangement of the cross-annual budget balance framework,this paper introduces the technical element design mainly from the next five aspects: expenditure management,revenue management,debt management,budget stability management,Budget forecast.Third,the organizational elements of the design.Organizational factor design is the role of the main body of action under the environment of analyzing the implementation of system reform.The stone of his mountain,can attack Jade.Under the theoretical construction of the general framework,this paper also concludes the two main types of developed countries,transformation and developing countries in this chapter,selects the situation of cross-annual budget reform or implementation in seven countries,and makes four Experience Enlightenment summary:(i)countries should be flexible in adapting the cross-year budget methodology;(ii)attach importance to the normative role of the legal framework,which can effectively restrain the parties in the early stages of institutional change and move forward towards a common reform direction;(iii)budget balance is in itself a manifestation of financial soundness and prudence,and therefore accurate and prudent in pre-budgeting projections;(iv)Cross-annual budget balance a comprehensive set of complex framework system,its construction is not a day of work,it is difficult to doing,therefore,to accept cross-annual budget balance management in the way,methods of continuous exploration,progressive growth.Third,combing the historical changes of China's budget balance management.This part mainly from the point of view of budget balance management to intercept some important events and texts in the course of China's budget balance management since the founding of the country,and try to extract the stage clues of budget balance management.In this part of the content,China's budget balance management is divided into four stages,and the various stages of important events,texts and their significance in the various sections of the analysis and combing.Finally,the author makes the following summary on the evolution law of the whole budget balance management: First,the process of budget balance management reform in China reflects the characteristics of the central and local checks and balances under the central leadership;second,the budget reform from the gradual accumulation to the comprehensive acceleration,and increasingly towards a more complex,more than one,comprehensive budget balance management system;With the increasingly popular concept of public finance,the formation of the rights consciousness of all subjects in society,the concept of the right of the subject of the budget has gradually developed,and promoted the development of budget balance towards various levels,rather than a single overall balance;Iv.the evolution and response of fiscal risk is an important factor to promote China's progress towards cross-year budget balance management.IV,the budget balance level of our country is divided into two parts to make an empirical study.The first part is the empirical study of China's financial sustainability.Using the cross-period budget constraint model to test the sustainable state of China's finances,the study found that China's current finances are sustainable,however,through dynamic analysis of 30,25,20 and 15 years mobile cross-period discovery,China's financial sustainability is weakening,In particular,fiscal sustainability has weakened since 2008.This may also be inconsistent with the perception of the majority,but since China's reform and opening up,the economy has gradually increased,and the uncertainty in the economic operation has grown,including the last two major international financial crises,as well as China's institutional non-docking in the process of transition from a traditional planned economy to a market economy.The inference of China's fiscal sustainability can be explained at different levels.The second part of the budget balance analysis,the country's budget balance is broken down into a cyclical budget balance and structural budget balance of two parts,combined with the budget balance and China's economic cycle changes,to extract the cyclical factors and structural factors.It is found that these two factors have obvious influence on the formation of budget balance,while the structural factors are more significant,because of the time lag effect of fiscal revenue and expenditure,the budget deficit may still be at a higher level,in order to effectively control the budget balance and maintain financial sustainability,attention should be paid to analyzing the medium and long-term effects of current fiscal policy.V,based on China's specific national conditions,put forward the cross-annual budget balance mechanism of concrete construction ideas.This section discusses how our country is moving from an annual budget to a cross-annual budget from six aspects.The first is to discuss the balanced management of the budget from the perspective of the implementation of government functions,mainly from the government and the market boundary,the vertical relationship between the government and two angles to visit its functional performance and its impact on the budget,this section can be regarded as the basic link of budget balance.The second section is to propose effective management of financial expenditure to promote budget balance,and in this management,can be from the total expenditure control,expenditure structure optimization,project approval co-ordination,contingent liability management and performance management,such as a total of five aspects to achieve the so-called expenditure management.The third section corresponds to the expenditure management,this section provides the discussion from the fiscal revenue aspect related to the budget balance several aspects,they are the income scale,the income budget management,the reasonable overall utilization existence cash,the local main tax cultivation and so on.The fourth section is about budget stability,which constitutes the most direct management of budget balance.The fifth section is to study the most urgent aspects of China's local government debt,from the conventional system construction,stock debt repayment,incremental debt constraints three aspects of the budget cross-year balance system construction.The final section is the implementation of cross-annual budgeting,with recommendations from three aspects,namely,the structure within the organization,the preparation process and the increase of budget constraints.