Since the 1990s, the rise of government cost accounting has become one of the most important developments of government accounting in various countries. The implementation of government cost accounting is also the focus and difficulty of this round of government accounting reform in China. Accounting development is driven by the demand for accounting information. The rise of government cost accounting is a response to the demand for government cost information in the management reform of public sectors in various countries. The study on the government cost information demand in the public sector management reform is of great significance for the implementation of China’s government cost accounting reform. As a core component of new public management, the new performance budget reform puts forward the most direct demand for government cost information, which is the main driving force for the rise and development of government cost accounting. At the same time, only under the new performance budget can government cost accounting be needed and implemented. Many difficulties and challenges of government cost accounting will be solved.