The government of Luohu District has recently introduced several pragmatic reforms in four key areas of the district's financial system, aiming to set a new benchmark for grassroots financial governance.

Deepening Property Management Reform: Maximizing the Use of Public Assets

The Luohu District Finance Bureau launched the "Implementation Plan for the Intensive and Efficient Utilization of State-Owned Public Property," creating a comprehensive map of property resources to better align space usage needs with available properties. This initiative aims to address issues such as the scattered distribution, low utilization rates, and high financial input of public properties, maximizing the use of state-owned public assets within the district.

Advancing Budget Management Reform: Fully Implementing Zero-Based Budgeting

Luohu District has embraced zero-based budgeting, requiring all budget allocations to start from zero, ensuring that all expenditures are justified based on current needs. This method helps break the rigid allocation patterns and enhances the efficiency of budgetary funds. In the first half of 2024, the Finance Bureau reviewed 94 service contracts from 77 budgetary units, reducing service procurement costs by 10%, saving approximately 23.35 million yuan. The bureau will continue to prioritize budgetary projects to ensure funds are used where most needed.

Strengthening State-Owned Asset and Enterprise Reform: Enhancing Competitiveness

The Finance Bureau has introduced the "Luohu State-Owned Assets and Enterprises Reform Plan," with 95 specific tasks focusing on optimizing the structure of state-owned assets, improving oversight mechanisms, and promoting market-oriented operations. By 2026, the goal is for Luohu's state-owned enterprises to have total assets exceeding 35 billion yuan and net assets over 20 billion yuan, significantly enhancing their competitiveness and ability to support urban and economic development.

Accelerating Digital Finance Reform: Enhancing Fiscal Management Efficiency

Luohu District is advancing digital finance through platforms that integrate budget management, asset oversight, and contract compliance. Key initiatives include the creation of a digital "Cloud Warehouse" for idle assets, the automation of financial processes, and a comprehensive contract oversight platform that links financial data with budget execution and performance management. These innovations streamline administrative processes, reduce risks, and improve transparency in fiscal management.

These reforms reflect Luohu's commitment to refining its fiscal governance and promoting efficient and transparent use of public resources.

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