Research on Main Innovations and Implementation Path of the New Chinese Higher Education Financial Regulation

Abstract

The recently introduced Financial System for Institutions of Higher Learning, hereinafter referred to as the "new system," represents a significant stride towards reform and efficiency in China's higher education sector. Crafted with precision, this system aims to blend the unique characteristics of higher education institutions with the principles of reform while keeping a problem-oriented perspective at its core. One of the core goals of this initiative is to boost operational efficiency. This is achieved by seamlessly integrating the new System with updated budget management regulations, the government accounting system, and state assets management procedures. This alignment with financial guidelines for public institutions is a strategic move towards fostering greater financial stability and sustainability. The genesis of these financial and economic reforms can be traced back to the 18th National Congress of the Communist Party of China (CPC). Over time, these reforms have evolved in four key dimensions, signaling a profound transformation in how financial management and governance operate within the higher education realm. The effective implementation of the new system is poised to elevate the standards of financial management and governance efficiency within higher education institutions, thereby furnishing a dependable foundation for the pursuit of high-quality developments in the realm of higher education.