A Study On The Establishment Of China's Treasury Single Account System

Treasury single account system is the public finance fund management system generally performed by modern market economy countries. It is also one of the important items in our country's present budget management system reform. This article starts from the theoretical study of treasury single account system, then sums up the international experience of some countries performing it, and finally analyses the necessity and feasibility of establishing treasury single account system in China and its concrete construction proposal and auxiliary reform measures.This article consists of three parts. In the first part, the writer analyses the theory of performing treasury single account system, including its basic implication and its theoretical foundation and its operation system and its effect analysis. 1. About the basic implication of treasury single account system. It denotes establishing single account system in treasury or the agent bank designated by treasury. All government funds are collected and paid concentratedly through the single account system. It has the character of short collection-and-payment procedure and high efficiency and standardized operation and perfect supervision. 2.About the theoretical foundation of performing treasury single account system. The writer thinks the social welfare theory and the public choice theory are its main theoretical foundation. Treasury single account system can improve the utilizing efficiency of government funds .So it can promote the whole welfare of society. The system also behaves complete supervising -and-restraining mechanism. So it can constrain the emerging of government body's "economy person" character and restrain the phenomenon of rent-seeking.3.About the operation system of treasury single account. It mainly concerns the setting of treasury single account, the types of concentrating collection-and-payment, the tools of concentrating collection-and-payment, the procedure of concentrating collection-and-payment etc. In order to insure the safety of treasury funds and owing to other concerns, treasury single account is generally set in central bank or central bank plus one agent commercial bank. At the same time, modern public finance management information system and bank clearing system are established as the operation insurance. Concentrating collection includes two types of direct-collection- into- treasury and collection -after-concentrating. Unified and standardized bills are used as collection tools. Concentrating payment includes three types of concentrating-payment, wage-payment and fragmentary- payment Payment proof ,treasury cheque and electrical transfer are used as payment tools. Five phases are included in the operation procedure of concentratingpayment. They are undertaking-to-pay phase, examining-and-calculating phase, payment application phase, signing-and-issuing payment order phase and paying-and-calculating in fact phase. 4.About the effect of performing treasury single account. (1) It can strengthen the macro-regulation of government through improving the operation of fiscal policy, the operation of monetary policy and the coordinating-and-collaborating of fiscal policy and monetary policy. (2) It has good function of public finance supervision. (3) It can improve the utilizing efficiency of public finance funds from many aspects. (4) It is favorable to cut public finance deficit and lighten debit burden of the state. (5 )It also has the function of insuring the operation of body budge and government purchasing system.In the second part of this article, in order to generalize the common points to use them as the references of establishing treasury single account system in China, the writer examines the international experiences of some countries performing treasury single account. The focuses are concentrated on its operation system .1.About the setting and management of single account. As to this point, it is different in different countries. But treasury single account is generally set and managed by central bank. At the sa...