Approaches to Promoting Public Budgeting Reform
China’s glaring social problems are somehow related to the public finance system. The gap between rich and poor keeps widening, and the poor lack security, because we lack a democratic system to make budgeting decisions. The serious corruption and waste among government officials is due to a lack of legal constraints on budgeting and open transparent public budgeting. Public finance is also to blame for the lack of strict legal constraints and the financial black holes and risks that lurk in our country. All these problems will seriously affect social stability and harmony. It is imperative we reform the Chinese public budgeting system.