Wang Junjin as a Deputy to NPC and CPPCC for Political Deliberation

Home > News Center > Special Report
NPC Deputy: Prepare National Balance Sheet as Soon as Possible
ReleaseDate: 2013-11-26

[Media Report]

Excerpt from Shanghai Evening Post on March 7, 2013

As stated in the Report on the Work of the Government 2013, deficit in the government budget is projected to be RMB1.2 trillion in 2013, an increase of RMB40 million compared with previous year and the deficit rate will be 2% or so, being at a safety level as a whole. What else is included in national “money bag” except deficit? How to manage national wealth? Yesterday, Wang Junjin, NPC deputy from Shanghai and Vice Chairman of the Shanghai Municipal Federation of Industry and Commerce submitted his written proposals to advice China to prepare the National Balance Sheet as soon as possible.

Actually, “National Balance Sheet” is not a new economic concept. Wang Junjin said that National Balance Sheet already becomes an important component part of system of national accounts in some countries and official statistics administration of some developed countries regularly publishes its National Balance Sheet.

According to Wang Junjin, macrocosmically, the National Balance Sheet is prepared to see the panorama of national economy and provide a reliable basis for deepening reform and top-level design. Microcosmically, preparing and regularly publishing the National Balance Sheet helps find out national assets, improve the transparency of “national wealth” management and visualize the long-term cost of short-term economic policies.

To be more specific, preparing the National Balance Sheet also helps plan the supporting reforms on state-owned enterprises and pension system, judge the influences of RMB internationalization and capital account opening on China’s external balance sheet, plan the solutions of local platform issues, improve transparency of local finance and facilitate effective supervision by NPC deputies and CPPCC members.