South Korea's Budget Waste Reporting System: A Case Study for China

Journal of International Trade & Commerce, Vol.14, No.2, pp.67-81

15 Pages Posted: 23 Jul 2018

See all articles by Eun-Young Nam

Eun-Young Nam

Renmin University of China - School of Public Administration and Policy

Eun-Hye Lee

Pai Chai University - Department of Global Business and Trade

Guang-Jian Xu

Renmin University of China - School of Public Administration and Policy

Date Written: April 23, 2018

Abstract

Recently, China’s fiscal reform to improve government fiscal efficiency has taken center stage. Improved fiscal efficiency allows for the development of a virtuous cycle of transparency, public engagement and budget supervision. The budget waste reporting system implemented in South Korea can be used as a case study example for building such a virtuous cycle. In fact, such a system does indeed help Korea achieve budget reductions. Academic studies in China on how to improve fiscal efficiency have so far centered on areas of transparency, public engagement and supervision. The budget waste reporting system implemented by Korea has demonstrated a virtuous cycle relationship among these systems and is thus of great significance. For the Chinese government, first priority to implementing such a system should be given to improving the system of information disclosure. This means that rather than simply disclosing the budget information, the public should be engaged in how to comprehend such disclosures. Not only can the implementation of such a system in China directly achieve budget cuts, it can also play an important role in improving fiscal transparency and household welfare.

Keywords: Budget Supervision, Budget Waste Reporting System, Fiscal Transparency, Public Engagement

JEL Classification: H01, H61

Suggested Citation

Nam, Eun-Young and Lee, Eun-Hye and Xu, Guang-Jian, South Korea's Budget Waste Reporting System: A Case Study for China (April 23, 2018). Journal of International Trade & Commerce, Vol.14, No.2, pp.67-81, Available at SSRN: https://ssrn.com/abstract=3206153

Eun-Young Nam (Contact Author)

Renmin University of China - School of Public Administration and Policy ( email )

Room B906
Xianjin Building
Beijing, 100872
China

Eun-Hye Lee

Pai Chai University - Department of Global Business and Trade ( email )

155-40 Baejae-ro
Seo-gu, Daejeon
Korea, Republic of (South Korea)

Guang-Jian Xu

Renmin University of China - School of Public Administration and Policy ( email )

Room B906
Xianjin Building
Beijing, 100872
China

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