Lou Jiwei New Policy: Function adjustments of the largest scale in Ministry of Finance so far

　　The Ministry of Finance performed large-scale adjustments on the function of its internal business departments, involving 14 departments in total. Among them, four departments, i.e. Policy Research Office, Asset Management Division, International Relation Cooperation Division, and International Financial Cooperation Division, are newly established. In addition, the functions of core departments such as Budget Division and Tax Administration Division are strengthened, whose assigned authorities have also been expanded. This is the largest scale of adjustment in institutional functions and cadres by the Ministry of Finance since the government institutional reform in 1998.

　　Small amendments of Law of the PRC on Certified Public Accountants (CPAs) went beyond the industry expectation

　　"The amendment this time does not involve the issues that have been generally concerned and passionately debated within the CPA industry, such as qualification of shareholders and partners of Accounting Firms, legal responsibilities of CPA, professional quality supervision, statutory business adjustments, and industry management system and mechanism; besides, for organizational form of the Accounting Firm, this amendment only revises the contents which are apparently not consistent with and inapplicable to the actual situation; thus, this amendment has undoubtedly poured cold water on the CPAs who expected the amendment of Law of the PRC on Certified Public Accountants could bring heart-stirring power to the industry."

　　Chief accountants in central enterprises

　　In addition to having the basic abilities of financial management, investment budget, cost control, financing, financial early-warning, construction of internal control and tax planning, etc., chief accountants in central enterprises should also possess legal knowledge and management talent. High standards and strict demands make the occupational stress of chief accountants in central enterprises self-evident.

　　State Administration of Taxation issued tax credit evaluation indexes and methods

　　The Evaluation Indexes are divided into three parts, namely, the taxpayer’s credit history information, tax internal information and external information, among which, external information consists of external reference information and external evaluation information. Since October 1st, the national tax system will, in line with this index system, use the mode of combining the annual evaluation index score and direct rating together