Structuring the budget process of the most powerful countries in the world: the United States, China, and Japan

Abstract

In the conditions of overcoming the domestic crisis budget phenomena, the implementation of the chosen course of European integration and Euro-Atlantic integration, further development of the budget process based on the implementation of the best examples of the budget sphere of developed countries in the domestic budget sphere is an urgent need for the financial present of our country. The article structures the budget process of the United States, China and Japan through a detailed review of their budget systems and budget processes, as the most developed in terms of both GDP and the state budget of the country of the world. The authors identified and analyzed the budget legislation of the above-mentioned countries, identified the components of the budget systems of the latter, identified the powers of all branches of government regarding the budget process in the USA, China and Japan, described the step-by-step components of the budget process in these countries, worked out budget principles as part of the principles of budgeting and principles of the budget process in the USA, China and Japan, formed models of the budget process in the above-mentioned countries, including: budget principles, principles of the budget process, stages of the budget process with procedural powers. The structuring of the budget process of the USA, China and Japan was carried out, as well as the following comparative analysis allowed us to conclude about the strengths of both the budget process of the PRC (which is manifested in its clear regulation, systematization and legally fixed surplus of the state budget), and the USA and Japan (which is manifested in the repeated consistency of budget indicators at all levels and the level of their discussion and the openness of the latter during the first two stages of budget processes in these countries). It is concluded that these positions will be introduced into domestic practice, which will contribute to more effective implementation of all stages of the budget process, which, in turn, will help to stabilize the public finance system of Ukraine.