The New Changes, Influence Of GFSM(2014) And Implementation Problem In China

After the mortgage crisis and the European sovereign debt crisis affected the world economy, the scholars found that the outbreak of the crisis is often associated with a country’s government financial strength.The financial strength of government decided the economic impact of the crisis. At the same time more and more scholars realized that a scientific perfect and standardization macroeconomic data statistics system is necessary in economic management system. Based on the emergency and complicated macroscopic social and economic background, the IMF amended GFSM(2001) in November 2012, after more than a year, it released GFSM (2014) in March 2014. This revision is based on SNA (2008), BPM6, MFSM (revised edition), the PSDS Guide and EDS(2013), it evolved into a better macroeconomic statistics and frame structure, also supported the better financial statistics and analysis.This revision has a complicated economic background, and at the same time it has an important theory significance and reality in China. First, GFSM (2014) improved the government finance statistics system, shown a higher transparency of the government fiscal to the public, it can be fully measured the government’s fiscal sustainability and stability. Second, a scientific financial statistics system is the basis of financial analysis, and it’s the monitoring of economic operation and the basis of economic and fiscal policy. Finally, it is important that make the internationalization GFS into the Chinese characteristics GFS, it is not only a major highlight of China’s macroeconomic statistics, but also the important supplement of the national economic accounting system. Therefore, to build the government finance statistics system of China has an important theoretical significance and practical significance.The essay is divided into five chapters, the content of these chapters are arranged as following:The first chapter is introduction. First of all, introduce the background, theoretical significance and practical significance of the research. Secondly, summarizes the current research status in abroad and China. Thirdly, introduces the main structure and content of paper. Finally, point out the innovations and shortcomings of the research.The second chapter is the new changes of GFSM(2014). First of all, analysis GFSM(2014) from the overall. Secondly, analyzed the GFSM (2014) and GFSM(2001). Thirdly, I analysis it in the concept and the classification, the recording time of economic events, analysis framework, financial revenue and expenditure classification system, the stock of assets and liabilities position in accounting, business accounting, economic flow calculation, and other interdisciplinary terms eight aspects specific. Finally, Ⅰ introduce the influence of the new changes.The third chapter is the current situation of the government finance statistics system in China and the gap with GFSM(2014). Firstly, introduced the current system of government statistics in the statistical scope, accounting principle, accounting basis, accounting framework and the financial revenue and expenditure statistics index five aspects.Secondly, point out the gap of the current system of government finance statistics and GFSM(2014) in the statistical scope, accounting principles, financial revenue and expenditure classification system and statistical framework four aspects.The fourth Chapter is the GFSM (2014) of specific issues when it implemented in China. This chapter mainly divides into four parts, the first part is the implementation of the accrual basis; In the second part, Ⅰ adjust the government fiscal revenue classification of china according the GFSM (2014), and make a new form according the government fiscal revenue data of 2013 in China, then make a quantitative analysis, and give the recommendations to adjust China’s fiscal revenue classification in the final. In the third part, I adjust the classification of expenditure by functions of government in China according to the GFSM (2014), and make a new form according the government fiscal expenditure data of 2013 in China, then make a quantitative analysis, and give the recommendations to adjust the classification of expenditure by functions of government in China. In the fourth part, I give a suggestion on how to make the government financial management and reporting system perfect.The fifth chapter is the conclusion of research and prospect. First of all, make a summary and review; Second, point out the problems for further study.Through the analysis of the GFSM (2014) and government finance statistics system in China, we can get the following conclusions:First, the changes incorporated can broadly be summarized as methodological changes agreed to in the update of the SNA(2008), complement the omission. The revision of the GFSM (2014) is extensive and detailed, involved in many details, but it keeps the original system of government finance statistics methodology and framework. Second, the impact of revision is limited, it is not a disruptive impact.Third, the state of the government finance statistics in China is still between GFSM (1986) and GFSM (2001), and it has a larger gap with GFSM (2014), so it needs reform. Fourth, in the process of GFSM (2014) in China, the first task is to implement the accrual basis, the second is to adjust the financial revenue and expenditure classification system, so that it is closer to the advanced international standards.Throughout the full text, it may be said that there are three innovations:first, from many perspectives induce the GFSM (2014), and compared with GFSM (2001), and analyze the impact from the revision. Second, the paper analyzes the government finance statistics system in China and the gap with GFSM(2014), it concluded that the government finance feasibility of statistics system in China must be reformed. Third, and most important, analyzes the feasibility and necessity of implementation of accrual basis in detail, at the same time and I try to reclassify the financial revenue and expenditure statistics of the government of China in 2013 according the GFSM (2014), and at last it concluded the new table data of government finance statistics.Although in this article there are more research in the above aspects, but due to the time and my ability is limited, there are many deficiencies in this paper. Such as, there are many contents of this revision in detail were not shown in this paper. In addition, in the reclassification, the boundary of the revenue or expenditure is dark, which creates the classification is not accurate. At the same time due to the concealment of the data, we can not find the detail date about quite a number of extra-budgetary index, it also makes the following analysis more difficult. Therefore, in the. government financial statistics, this kind of research needs to be further deepened, and the reasonable optimization of the government revenue and expenditure classification system will be an important direction of future research.