The Ministry of Finance implements the decisions and policies of the CPC Central Committee in the area of public finance, and adheres to the centralized and unified leadership of the CPC on fiscal work. The main duties of the Ministry of Finance include:

1. Formulating and implementing strategies, plans, policies and reform programs in the area of public finance and taxation; analyzing and forecasting macroeconomic situation; participating in macroeconomic policy-making; providing advice on utilizing fiscal and taxation policies to realize macroeconomic regulation and fiscal balances; formulating policies regarding income distribution between central and local governments and between state and enterprises; improving fiscal and tax policies for public-welfare undertakings.

2. Drafting laws and regulations on fiscal, financial and accounting management; formulating departmental regulations and overseeing the implementation of such regulations; negotiating and signing international treaties and agreements related to public finance and debt.  

3. Managing the central government’s fiscal revenue and expenditure; preparing and implementing the draft central government annual budget and its fiscal accounts; setting spending standards and quotas; reviewing and approving the annual budgets and final accounts of government departments; reporting government budgets, budget implementation and final accounts to the National People’s Congress (NPC) and the Standing Committee of the NPC on behalf of the State Council; managing the central government-funded assets of government investment funds; disclosing the central government budget and final accounts.

4. Drafting laws, administrative regulations and implementation rules on taxation as well as tax policy adjustment programs; negotiating and signing international tax treaties and agreements; proposing tariff and import tax policies; organizing the formulation of tax exemption policies and relevant regulations; developing tariff negotiation plan and participating in negotiations; providing advice on the collection of special tariffs; undertaking work delegated by the Customs Tariff Commission of the State Council. 

5. Managing government non-tax revenues, governmental fund, administrative fees and fiscal notes; formulating policies and rules on lottery management; regulating lottery market and administering lottery funds. 

6. Developing treasury management system and centralized treasury payment system; directing and overseeing central government’s treasury business; managing treasury cash; developing and implementing the rules for the compilation of government financial report; developing and regulating government procurement system; negotiating on the opening up of the government procurement market.  

7. Developing and implementing the system and policies for managing government domestic debts; developing central and local government debt management system and rules; developing plans for outstanding national and local government debt ceiling; undertaking centralized management of government external debts and developing system for managing government external debts.

8. Compiling reports on the management of state-owned assets; performing the responsibilities as the contributor to central state-owned financial capital as authorized by the State Council; formulating nationally unified regulations on the management of state-owned financial capital; formulating and implementing regulations on the management of state-owned assets in public institutions; formulating spending standards and policies that need to be nationally unified.

9. Reviewing, aggregating and compiling draft budget and final accounts for state-owned capital operation; developing the system and regulations for the state capital operation budget; collecting state-owned capital gains from central-level SOEs; developing and implementing the corporate financial management system; administering the non-trade foreign exchange and budgetary international payment for government departments, public institutions and social organizations.

10. Reviewing, aggregating and compiling draft budget and final accounts of the National Social Security Fund; working with relevant government departments to develop the financial management rules for relevant funds (foundations); undertaking fiscal supervision of the social security fund.

11. Undertaking and supervising central government’s fiscal spending for economic development purposes and fiscal appropriations for central government investment projects; participating in the formulation of policies for central government’s investment in capital construction; developing basic financial rules for capital construction.

12. Undertaking bilateral and multilateral economic and financial dialogues with relevant countries and regions delegated by the State Council; involving in international economic and financial exchange and cooperation; managing the loans and grants from multilateral development institutions and foreign governments; participating in international economic and financial organizations on behalf of the Chinese government.

13. Administering the national accounting work; overseeing and regulating accounting practice; developing and implementing nationally unified accounting system; supervising and providing guidance on the certified public accountants and accounting firms; guiding and overseeing social auditing; managing asset appraisal work.

14. Administering the National Council for Social Security Fund.

15. Undertaking other tasks delegated by the CPC Central Committee and the State Council.