Study On The Budget Supervision System Of Local Congresses In China

As a carrier and core component of financial supervision, budget monitoring is an integral part of the legal mechanism of financial supervision in different countries, which places a main role for restricting the income and expense behaviors and financing activity radius of the government. Since the 1994 tax reform in China, the local public financial system has continued to evolve and it moved forward with the development of our democracy and legal system. However, the expansion of local government budgets and the imbalance of power restriction led to the inefficient allocation of the funds and even corruption of all kinds of social production, which have become a major political issue of local governance. Also, the development of local economy affected seriously. Thus, regulating the act of public budgets and improving efficiency in the use of public funds have become increasingly significant, while NPC as the principal financial supervision organization of this holds responsibility undoubtedly.However, it shows that there is a certain gap between the ideal and the reality, government is still the core of legal system and budget management system instead of the NPC. So, it is of great realistic significance to strengthen the supervisory system of the local congress. In this regard, the government must discard the traditional concept that the budget was managed entirely by itself, and then accelerate service-oriented government, establish and improve a comprehensive specification, open and transparent budgeting system to protect the healthy development of the social economy. Year 2015 will be crucial for the fiscal reform, so, congresses and governments at all levels should be combined with the current practice and the introduction of the new budget law.conducting fiscal reform, speeding up the completion of modern public finance system. Seizing core areas with the building of legal constraints and constraint mechanism to form a systematic budget monitoring mechanism, while emphasis on the promotion of the open and transparent budget information. Then, building diversified budget participants, perfecting the guarantee mechanism of budget monitoring procedure. Improving oversight will eventually make it reality.