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City boosts spending in tough times
By Yan Zhen |
January 15, 2009, Thursday
|
Print Edition
Print Edition
SHANGHAI government will spend nearly 8 percent more this year than it did last year even as revenue growth slackens, officials said yesterday as they delivered the city's annual budget report.
But the government did say it will hold the line on certain administrative expenses as it prepares a plan to ride out the international financial storm. Items that are subject to the cap include conference expenditures, overseas visits by city officials, government vehicle purchases and hospitality and reception fees for visitors. Officials did not provide specific figures, however.
"Facing a harsh situation with a slowdown in fiscal revenue and a tight budget, we must be determined to reduce administrative expenditures and ensure zero growth in these items," the Shanghai Finance Bureau said in a report submitted to the Shanghai People's Congress at the annual session of the city's law makers. The budget is scheduled for a vote before the session closes on Saturday.
Shanghai plans to spend 280 billion yuan (US$40.97 billion) this year, 7.9 percent more than last year. Fiscal revenue was estimated at 250 billion yuan. The deficit will be covered by a contribution from the central government.
Shanghai achieved a surplus of 110 million yuan last year, when revenue jumped 13.3 percent to 238.23 billion yuan, the report said.
Starting this year, city officials are being gradually required to pay administrative expenses using a special bank card linked to a government account. Previously, most transactions were conducted in cash.
As all transaction records can be tracked, officials said the card will help enhance transparency in government spending.
"The government should continue to streamline its fiscal system to make sure that every single penny is put to its best use," said Fang Mingshan, an SPC deputy and president of Shanghai Business School.
Meanwhile, the city government will focus spending on urban construction and civic uses such as education, public health and social welfare improvements.
Ni Zhengmao, a deputy from suburban Nanhui District, noted that the city law makers should intensify supervision of the government's budget implementation, especially at a time when it is affected by global financial crisis.
But the government did say it will hold the line on certain administrative expenses as it prepares a plan to ride out the international financial storm. Items that are subject to the cap include conference expenditures, overseas visits by city officials, government vehicle purchases and hospitality and reception fees for visitors. Officials did not provide specific figures, however.
"Facing a harsh situation with a slowdown in fiscal revenue and a tight budget, we must be determined to reduce administrative expenditures and ensure zero growth in these items," the Shanghai Finance Bureau said in a report submitted to the Shanghai People's Congress at the annual session of the city's law makers. The budget is scheduled for a vote before the session closes on Saturday.
Shanghai plans to spend 280 billion yuan (US$40.97 billion) this year, 7.9 percent more than last year. Fiscal revenue was estimated at 250 billion yuan. The deficit will be covered by a contribution from the central government.
Shanghai achieved a surplus of 110 million yuan last year, when revenue jumped 13.3 percent to 238.23 billion yuan, the report said.
Starting this year, city officials are being gradually required to pay administrative expenses using a special bank card linked to a government account. Previously, most transactions were conducted in cash.
As all transaction records can be tracked, officials said the card will help enhance transparency in government spending.
"The government should continue to streamline its fiscal system to make sure that every single penny is put to its best use," said Fang Mingshan, an SPC deputy and president of Shanghai Business School.
Meanwhile, the city government will focus spending on urban construction and civic uses such as education, public health and social welfare improvements.
Ni Zhengmao, a deputy from suburban Nanhui District, noted that the city law makers should intensify supervision of the government's budget implementation, especially at a time when it is affected by global financial crisis.
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