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New rule targets State-owned assets at administrative, public institutions

Updated: Mar 17,2021 08:59 PM

China will implement a regulation on State-owned assets of administrative and public institutions starting April 1, according to a State Council decree signed by Premier Li Keqiang.

The regulation is aimed at enhancing management and oversight of State-owned assets at administrative and public institutions, improving the administration system for State-owned assets, and contributing to the modernization of China’s system and capacity for governance.

It also echoes the decision of the Standing Committee of the National People’s Congress requiring more supervision over the management of State-owned assets.

The new rule applies to administrative and public institutions’ assets formed through the use of fiscal funds, asset allocations or transfers and swaps, donations confirmed as State-owned, and others.

Subject to tiered government supervision, they are directly controlled and arranged by each department and its subordinate units, according to the document.

Governments at various levels should build sound mechanisms for managing State-owned assets of administrative and public institutions within their jurisdiction, as well as for reviewing and approving major-related matters.

The State Council’s finance department is responsible for formulating and imposing rules on how to manage such assets, with follow-up supervision and inspections, while office management departments under the State Council and related departments should perform their duties by establishing and implementing specific guidance.

A reporting system on the management of the assets will be set up, with the State Council reporting to the NPC Standing Committee about the nationwide situation, and governments above the county level submitting reports to the same standing committee at the same level.