No new state financial fund is formed outside the budget
Do not form new state financial funds outside the budget, except in urgent and urgent cases as required by the Politburo and the Party Central Committee.
This is one of the contents stated in Resolution No. 79-NQ/TW of the Politburo on state economic development.
In Resolution No. 79, the Politburo outlined specific groups of tasks and solutions, including tasks and solutions for the state budget, national reserves and state financial funds outside the budget, state capital in enterprises held by the State from 50% or less of charter capital.
For non-budgetary state financial funds, Resolution 79 clearly states the requirement to continue perfecting the institutional framework, enhancing the effectiveness and efficiency of management of non-budgetary state financial funds.
Review, merge, and dissolve non-budgetary funds that are overlapping, ineffective, and not in line with development requirements; reduce focal points to increase scale, improve capital use efficiency of funds; strengthen inspection and supervision of the management and use of funds; promote digitalization, publicization of information and performance.
Strengthen the mechanism for entrusting fund financial management to banking institutions and professional financial companies; state agencies only focus on developing criteria and conditions for mobilizing and disbursing capital from the fund. Increase the mobilization of social resources and reduce dependence on the budget.
Do not form new state financial funds outside the budget, except in urgent and urgent cases as required by the Politburo and the Party Central Committee.
For state capital in enterprises held by the State of 50% or less of charter capital, Resolution 79 stipulates the requirement to transfer state capital invested in enterprises held by the State of 50% or less of charter capital to enterprises with the function of doing business and investing state capital, state-owned enterprises in the same industry to manage, invest in development, and fulfill the responsibility of owners for the State's capital contribution in enterprises (restructuring, supplementing capital or divesting capital), ensuring the effectiveness of State investment capital.
Read the original here
