Core Viewpoint - The Ministry of Finance is advancing legislative work on various financial regulations, including the modification of the Asset Evaluation Law, Budget Law, and the implementation regulations of the Value-Added Tax Law, as part of its 2025 legislative work plan [1]. Group 1: National Social Security Fund Management - The Ministry of Finance plans to revise the National Social Security Fund's domestic investment management regulations, which have been in place for over 20 years and need updates to align with current financial market conditions [2]. - The draft of the new management regulations proposes to lower the upper limits on management and custody fees, with annual management fees for stock products capped at 0.8%, bond products at 0.3%, cash products at 0.1%, equity investment funds at 1.5%, and custody fees at 0.05% [2]. - The new regulations categorize investment types into deposit and interest-bearing, credit fixed income, stock, and equity, allowing a maximum investment ratio of 40% for stock assets and 30% for equity assets [3]. Group 2: Budget Law Modification - The Ministry of Finance is also working on modifying the Budget Law, which is crucial for fiscal management and resource allocation [4]. - The Budget Law, first established in 1994, has undergone revisions to enhance the coverage of government budgets and introduce performance evaluation mechanisms [4]. - Recent discussions have highlighted the need for legal support to improve the fiscal transfer payment system, with suggestions to adapt the Budget Law to better meet current management requirements [4].

Group 1 - The Ministry of Finance has announced its legislative work plan for 2025, which includes the drafting of laws and regulations such as the Asset Evaluation Law (amendment), Budget Law (amendment), and the implementation regulations for the Value-Added Tax Law [1][3] - The Ministry will actively cooperate with projects included in the legislative planning of the 14th National People's Congress Standing Committee and the legislative work plan of the State Council for 2025 [3] Group 2 - The Ministry of Finance aims to revise the National Social Security Fund's domestic investment management measures, which have been in place for over 20 years and need to be updated to align with current financial market developments [4][5] - The draft management measures propose to lower the upper limits of management and custody fees, with specific rates set for different types of investment products, such as a maximum management fee of 0.8% for equity products and 0.3% for bond products [5] Group 3 - The Ministry of Finance plans to advance the amendment of the Budget Law, which is a crucial tool for fiscal management and resource allocation [6] - The Budget Law has undergone significant revisions since its introduction in 1994, with the latest amendments aimed at enhancing the legal framework for budget management and performance evaluation [6][7] - Recent discussions have highlighted the need to modify the Budget Law to better address issues related to transfer payments, performance management, government debt, and legislative oversight [7]

Group 1 - The Ministry of Finance announced the legislative work plan for 2025, which includes the implementation of the Value-Added Tax (VAT) Law, modifications to the Budget Law, and revisions to the Asset Evaluation Law [1][2][3] - The VAT Law, which is set to take effect on January 1, 2026, will elevate the VAT from a temporary regulation to a formal law, maintaining the overall stability of the VAT system and tax burden [1] - The implementation regulations for the VAT Law are urgent to ensure its smooth execution, with the State Administration of Taxation indicating plans to expedite these regulations this year [1] Group 2 - The Budget Law is proposed for revision, but the likelihood of this occurring this year is low as it was not explicitly mentioned in the legislative plans [2] - The focus of the Budget Law revision will be on enhancing budget management, integrating fiscal resources, and improving transparency in fiscal operations [2] - The Asset Evaluation Law, originally implemented in 2016, is due for revision to address issues arising from economic development and regulatory changes, with the Ministry of Finance working on this [3] Group 3 - The legislative work plan also includes proposals for reviewing drafts of the Telecommunications Law, Consumption Tax Law, and amendments to the Tax Collection Management Law [4] - The National People's Congress plans to review projects including the Consumption Tax Law and modifications to the Certified Public Accountant Law [4]