Chinese Premier Li Keqiang has signed a State Council decree unveiling a regulation on the management of state assets owned by administrative institutions.
The regulation, which will come into effect on April 1, is expected to promote open, transparent, standardized, and effective management of state assets, increase the efficiency of their use, and preserve and increase their value.
The regulation applies to assets obtained or formed by administrative units and public institutions through fiscal funds, acceptance of allocation or transfer, replacement, and donation, among others.
It clarifies the responsibilities of governments at all levels and relative government departments in managing the assets.
The regulation also includes provisions on the allocation, use, and disposal of state assets owned by administrative institutions. It stipulates that the assets should be allocated in strict accordance with the budget management regulations.
It also clarifies the reporting and supervision mechanism and outlines the supervisory duties of the people's congresses, the governments, and state-asset finance and auditing departments of administrative institutions.