There are six main differences between ** finance and secondary finance, which are explained as follows:
Secondary Finance: It usually refers to the two levels of ** finance and provincial finance. Under this system, the provincial level is responsible for raising and managing financial resources within the province and handing over part of the revenue to the province
Finance: It includes three levels: finance, provincial finance and municipal (or county) finance. In this system, the municipal or county level also assumes certain financial management responsibilities and allocates and manages the financial resources of the region.
Secondary Finance: ** and provincial ** raise funds through taxes, non-tax revenues, debts, etc. Provincial** also manages local taxes and fees.
Finance: In addition to revenues at the provincial and provincial levels, funds are also raised at the municipal or county levels through local taxes, fees, transfers, etc.
Secondary Finance: Expenditures are mainly concentrated at the provincial and provincial levels, and are used for infrastructure construction, social welfare, education, etc.
*Finance: In addition to the expenditure responsibilities of ** and provincial **, the municipal or county ** also needs to bear the expenditure of public services, infrastructure construction, social security and other expenditures in the region.
Secondary Finance: Financial subsidies are provided to the provincial level through transfer payments to balance the differences in financial resources between regions.
*Finance: On the basis of secondary finance, the provincial level will also make transfer payments to the municipal or county level to ensure that the grassroots level has sufficient financial resources to provide basic public services.
Secondary Finance: The budget is mainly formulated and managed by the provincial level, and the local government has relatively little autonomy in budget preparation and implementation.
* Finance: Municipal or county level ** has greater autonomy in the preparation and implementation of the budget, and can flexibly adjust the budget according to the actual situation of the region.
Secondary Finance: Mainly supervised by the provincial financial behavior, and accountability through auditing, performance evaluation and other means.
Finance: In addition to the supervision of the provincial level, the provincial level also needs to supervise the financial behavior of the municipal or county level to form a multi-level supervision and accountability mechanism.
In summary, there are significant differences between the first fiscal and secondary finance in six aspects: definition and hierarchical structure, fiscal revenue, fiscal expenditure responsibility, fiscal transfer payment, budget management authority, and supervision and accountability mechanism. These differences reflect the complexity and diversity of China's financial system, and at the same time, they also provide more flexible and autonomous financial management tools for all levels.