The Legal Study On Legal Supervision Of China Financial Transfer Payment

Through analyzing the present situation of the legal supervision of China financial transfer payment, we can find that there are two important problems. Firstly, the legal supervision system has a problem of fragmentation and lacks systematicness. Now there is no specific transfer payment law or regulation in our country. In fact many normative documents which are made by the ministry of finance and whose legal ranks are relatively low,play an important role in regulating the financial transfer payment. Secondly, there is no law or regulations in regulating the transfer payment decision-making and running procedures(such as decision-making procedure, examination and approval procedure, payment procedure, supervision procedure, legal relief procedure, and so on). Just because of the above reasons, the whole transfer payment process is short of transparency and openness. And rent-seeking phenomenon is easy to happen.Through analyzing the legal supervision of financial transfer payment in some developed countries, such as the United States, Germany, Italy and France, we can sum up the following experiences. Firstly, their laws and regulations on transfer payments are complete and normative. Secondly, they have built strict and perfect supervision systems. Thirdly, they pay attention to the supervisory function of the audit. Lastly, they set strict procedures in examining, approving and executing the financial transfer payment.From what we have discussed above, I give the following suggestions. Firstly, we should improve the legal system of the supervision of financial transfer payment and formulate a complete “transfer payment law”. Secondly, we shall fulfill the transfer payment decision-making and running procedures. Thirdly, the legal supervision of China financial transfer payment should include the supervision of the National People’s Congress, the department of finance, the department of audit, and so on.