Senior provincial officials seek financial help from China’s finance ministry, even from provinces considered economically sound such as Guangdong

Senior provincial officials seek help from China’s finance ministry

Staff Reporter


Several senior provincial-level officials have personally sought financial support from China’s Ministry of Finance, with officials from provinces considered economically sound such as Guangdong, also voicing similar demands, reports Shanghai’s National Business Daily. Amid an economic slowdown, provincial officials have made visits to the Ministry of Finance with the aim of receiving central government benefits to bolster their regions. The list includes Guo Gengmao, secretary of the CPC Henan Provincial Committee, Xie Fuzhan, the governor of Henan, Zhou Benshen, secretary of the CPC Hebei Provincial Committee, and the governor of Guangdong Zhu Xiaodan.An insider said that the provincial heads have asked for favorable policies as well as finance help. According to Zhou Benshen, Hebei is the least developed province, despite its large population and it needs both monetary and policy support.

Whilst meeting finance minister Lou Jiwei, Zhu Xiaodan said that Guangdong’s financial reforms face obstacles including regional economic imbalances and expressed the hope that the ministry can further strengthen its support to Guangdong. In response, Lou said the ministry would offer assistance as per current policies.

On July 15, the ministry released a report on national financial income and expenses during the first six months of the year. During the period, combined public financial income came to 6.9 trillion yuan (US$1117.8 billion), an increase of 479.5 billion yuan (US$78 billion), or 7.5% year-on-year. While the financial income of the central government was 3.2 trillion yuan (US$520 billion), a growth of only 1.5%, far behind the 7% target for the year.

Local financial income faired slightly better at 3.6 trillion yuan (US$586 billion), posting a 13.5% jump compared to last year. The ministry accounted the jump to a surge in real estate transactions.

Provincial governments need to look ahead and expand their appeals for aid to include the National Development and Reform Commission and the Ministry of Land and Resources, as well as the Ministry of Finance, the National Business Daily said.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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