Legal Regulation Mechanism of the State Financial Control on the Preferential Regime Territories: China’s Experience

Introduction. The article investigates the legal regulation mechanism of the state financial control on the territories of advanced social and economic development. The topic under study is particularly relevant, because the mechanism of the special legal regime for business activity is one of the drivers ensuring the socio-economic growth of the regions and, accordingly, strengthening the role of the state financial control. The object of the study is the process of the state financial control on the territories of advanced social and economic development. Within the research, an aggregate of the theoretical and methodological, legal and organizational support measures of the process of the state financial control on the territories of advanced social and economic development has been studied. The article aims to substantiate and develop the theoretical and methodological and legal provisions, as well as practical recommendations for improving the legal regulation of the state financial control execution on the territories in question.

Materials and Methods. The general and specific scientific methods of scientific knowledge were used to conduct the research. The informational and empirical basis of the study was formed by the provisions of the fundamental scientific research works, federal and local regulatory legal acts, reporting and assessment standards, statistical data on the state financial control on the territories of advanced social and economic development.

Results. The practices of functioning the special economic zones in China and the model of the state financial control system have been analysed. The challenging aspects of the state financial control processes on the Russian Federation territories of advanced social and economic development have been identified. It has been proved that the identified problems could be solved by creating the state financial control mechanism on these territories, which would be recognised at the legislative level, and include the regulatory, informational, organizational, personnel support of the control process, its methods and tools. Based on the experience of the PRC, the practical recommendations have been formulated, which could serve as the useful experience for the Russian system of the state financial control.

Discussion and Conclusion. The paper has proved that improvement of the legal regulation of the state financial control execution on the territories in question could foster the legislative recognition of the conceptual and categorical apparatus used for the state financial control on the territories of advanced social and economic development, create the efficient mechanism of the state financial control, strengthen and enhance the efficiency of the state governance control functions, prevent and reduce the number of financial and economic offences, stabilize the economic indicators of the regions and the state as the whole.

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