Abstract: As the basic legal norm to regulate the government's behavior of revenue and expenditure, the new“Budget Law”is of vital importance to improve the quality of budget execution. By making use of the panel data of 30 provincial governments from 2011 to 2018 and constructing an intensity double difference model, this paper empirically evaluates the effect of the implementation of the new“Budget Law”on the quality of budget execution and the regulatory effect of the promotion incentive. The findings show that the implementation of the new“Budget Law”can significantly reduce the degree of budget deviation, balance the progress of budget execution, and comprehensively improve the quality of budget execution. The current official promotion incentive mechanism in China has inhibited the positive effect of the new“Budget Law”on the budget deviation and the progress of budget execution to a certain extent, that is, it has inhibited the positive effect of the new“Budget Law”on the quality of budget execution to a certain extent. The implementation of the new “Budget Law”has the most obvious effect on the improvement of the quality of budget execution in the western region, followed by the central region, but not significant in the eastern region. Therefore, it is necessary to further perfect the dynamic monitoring system of budget execution, revise the incentive mechanism for official promotion, pay attention to the regional differences of the quality of budget execution, so as to ensure the real implementation and effectiveness of the new “Budget Law” and practically improve the quality of budget execution.

Key words: new“Budget Law”, quality of budget execution, deviation of budget, progress of budget execution, promotion incentive