nAlong with the process of economic reform in China, set to adapt to the development of the socialist market economic system of financial management organization, the institutional system, the index system and methodology is to gradually establish and perfect. At the same time, in practice on the basis of the financial reform, the theory of financial practices and, in turn, guide financial system is gradually formed and Development. Fresh experience in research practice and theoretical development of China's financial reform, the outlook of the prospects for financial reform and development practice and theory, is of great significance to further promote the practice of China's financial reform, Building Financial theoretical system with Chinese characteristics.
One of China's financial reform plan and its initial results
China's economic reform from the convening of the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China in December 1978 began. Target mode with a step-by-step process of understanding the economic reform, and to achieve the objectives of the reform the adapted principles, policies, systems and methods also have a process of exploration, China's economic reform is also showing stage, which determines stages of China's financial reform. Financial reform, including a comprehensive reform of the financial system, financial management, indicators and methods, but the core of the financial system (mainly the reform of the financial management system).
(A) national unified revenue and expenditure in the pre-reform system profits and losses stage. The Third Plenary Session of the Eleventh Central Committee of the party's nearly 30 years of the founding of the People's Republic of China from 1949 to 1978, China adopted a highly centralized planned economic system, financial management system is the national state-owned enterprises to implement a unified revenue and expenditure, the system of negative profit and loss ,borse gucci. This system is: fund-raising rights and investment rights,ugg danmark, the right of approval of the costs, the decision-making power of the total wages, product pricing and profit distribution rights are split from the property rights focus on the relevant state departments, Corporate Property is very small; from the financial division of responsibilities, the supply of funds responsibility for reimbursement responsibility for the loss of assets, debt repayment obligations and loss recovery responsibilities covered by the government, the enterprise responsible for the completion of a state-issued liquidity, reduce costs, total wages, profits and other assessment indicators, but does not to assume funding submitted loss and Bukui of responsibility,Ed Hardy Vaatteet; From the distribution of benefits, countries concentrate most of the profits of the enterprise, enterprises not only retained very little profit, but also to be distributed according to various state regulations Fund extraction ratio, small enterprise control over ,beats by dre belgie. The increase in total wages by the state wage increase, not contact and business benefits. This country unified revenue and expenditure of the financial management system in the history of concentrate financial resources to ensure that key construction played a certain role, but it does not recognize the main financing body, leaving the company no vitality financial decisions The decision-making chain is too long and asymmetric information and lack of efficiency in the allocation of funds and the costs are often out of touch with the development of the production and operation activities, take egalitarian wage distribution policy affect the enthusiasm of the enterprise employees to increase revenue.
(B) the reform of the early devolution of power system profits and losses stage. From the Third Plenary Session of the Eleventh Central Committee of the party to the second session of the Third Plenary Session of the Party in October 1984 to make the decision of the CPC Central Committee on the reform of the economic system Adjust supplemented by the economic system. Insist on the one hand, the production data on the relationship between the national economy and people's livelihood, the life of the production and distribution of information, mandatory plans backbone enterprises, for most products and enterprises to implement the guiding plan; plan on the other hand allow the production and distribution of a variety of commodities, regulation by the market, as a complement of the production and circulation of the national plan, in a subordinate position. Compatible with partial reform of the management system of planned economy, the the preliminary reform national unified revenue and expenditure, the old system of profits and losses of financial management system: property rights split enterprise fund system introduced in 1979, 1980 profit retention system was introduced in 1983 began to implement the According to statistics, the budget for the state-owned industrial enterprises remain interest rates were increased from 21.6% in 1982 to 27% in 1983 and 30.7% in 1984, compared to less than 10% of the pre-reform, increased 2-fold. Businesses to stay facilitate the improvement of the level of the enterprise has a certain internal financing for the right (left used for production and business activities), investment Expanding Reproduction rights (new product research and development, technical renovation). Introduced in January 1982, Funds and materials, as well as the labor costs unreasonable apportionments. The countries also provide enterprises with product pricing from the pin, leaving the corporate depreciation fund overhaul fund the right to use. These enterprises have property rights, mainly with the planned economy, market regulation, supplemented by the economic management system to adapt to. From the division of financial responsibility, the country has overall responsibility for the production and management of state-owned enterprises. Responsibility of all aspects of employee benefits, staff incentives, enterprise backup expenses divided part to the corporate enterprise Friuli production and development fund established according to state regulations, union welfare fund, staff and workers' bonus fund and the reserve fund, to enable enterprises to bear some of the connotation to expand production responsibilities,nike free. The same time, companies want to get the retained profits, but also to complete the assessment indicators of the state regulations, one of the key indicators of enterprises realized profits and turned over to the profit targets; From the distribution of benefits, enterprises Friuli's dominance, but also by the State constraints (such as the formation of the proportion of the fund), but have greater flexibility on the specific items of expenditure, wages of funds and bonuses also began with the economic efficiency of enterprises linked, to some extent, to mobilize the enthusiasm of enterprises . However, the financial management system of devolution of power has not fundamentally changed the national unified revenue and expenditure, the old system of the system of profits and losses, about 70% of the enterprise's profit still turned over the profits turned over funds used fees and income tax adjustment paid to the state in the form; enterprise epitaxy expand the reproduction required funding still depends on the state financial allocations and the national bank loans to solve; corporate losses to make up for the responsibility remains with the State. Reform Interim
(c) expanding the right to put Lee, divided profits and losses stage. From the second session of the Third Plenary Session of the Party in October 1984 to make the decision of the CPC Central Committee on the reform of the economic system 's decision It has also been the Third Plenary Session of the 14th Party Congress in November 1993 to make the decision of the CPC Central Committee on the establishment of a socialist market economic system, a number of issues Before a decision is the implementation of the management system of a planned commodity economy, thereafter, the socialist market economic management system. Reform Interim conduct a comprehensive in-depth reform of the old planned economic system, and initially established a socialist market economic system framework. With suitable financial management system from the distribution system to expand to the comprehensive reform of the investment system, the financing system. In property rights divided, following the import substitution after 1985, the full implementation of the contract responsibility system introduced in 1989 profits and taxes shunt implementation of enterprise financial rules in July 1993, so that the distribution of financial relations between the state-owned enterprises and national specification profits to become turned over to the after tax profit allocated according to capital; , promulgated the Enable enterprises to become the main market for funding. In addition, the enterprise also entitled to product pricing, in compliance with the cost of expenditure weights in the range of costs under the premise. In the division of financial responsibility, the 1986 launch of the bear some responsibility, until the implementation of the bankruptcy. This reform has been entirely self-financing of enterprises, although it can not be said, but you can say that the enterprise has assumed responsibility for some negative deficit. In the distribution of benefits, the state-owned enterprises remain the profit level of 15% in 1983 to 33% in 1986, rose to more than 60% by 1999, the substantial growth of the residual profit enterprises becoming stakeholders. Meanwhile, in accordance with the relevant provisions in the total wage growth below the enterprises' economic growth and the level of wage growth is lower than the growth of labor productivity, and make their own determination total wages, business is gradually introducing the annual salary system and share option system and so on. Through the reform, enterprises have gradually gained the basic material interests as economic law and the market players.
(D) financial reform to a new stage. In September 1999, the 15th Party the Fourth Plenary make Expected to the early 21st century, will form a relatively complete socialist market economic system, the basic completion of the strategic restructuring and reorganization of state-owned enterprises, and the establishment of modern enterprise system, and to establish the socialist public ownership is dominant and diverse forms of ownership economic joint development of basic economic system. Should be in contact with a more perfect socialist market economic system, but also must build corporate financial self-care, self-financing of the modern financial management system. This system: property rights split in the national macro-control requirements and the owner of the major decision-making requirements under the premise, the enterprise has the financing for the right to operate independently, the right to invest, cost of rights (financial costs and tax costslimited liability corporate property), the real implementation of the bankruptcy law; From the distribution of benefits, enterprises in addition to the national tax laws tax, after-tax profits allocated by the enterprise. Business in compliance with national macro-control policies on wage growth conditions,UGG España New rural construction and rural human, decide the total wages and wage forms. Corporate finance themselves. Self-financing system will fundamentally solve the the national unified revenue and expenditure, the system of profits and losses system, comprehensively promote the development of productive forces. The
be seen from the history and development trend of China's financial reform: its motivation is to adapt to the needs of China's economic reform and promote the development of productive forces, financial reform is always synchronous operation with the reform of the economic system; core financial management reform, solve the problem of processing the basic model of the relationship between financial rights, responsibilities and interests. In the long and arduous and reform, in order to continue to guide the practice of financial reform, China's financial theory has also been a lot of development, and achieved fruitful results.
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