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China strengthens supervision to ensure fiscal funds benefiting businesses, people

Updated: Jun 13,2020 07:08 AM    Xinhua

BEIJING — China will tighten oversight to ensure increased fiscal funds meant for companies and individuals arrive directly without being intercepted or diverted, an official said on June 12.

Vice-Finance Minister Xu Hongcai made the remarks at a press conference in Beijing.

According to a government work report, China's fiscal deficit will rise by 1 trillion yuan over last year and it will issue government bonds worth the same amount for COVID-19 control, which will be transferred in full to local governments.

The State Council executive meeting on June 9 stressed efforts to ensure that the 2-trillion-yuan (about $282.2 billion) newly increased fiscal funds will directly benefit businesses and people.

The country has established a system to closely monitor the entire process of how the funds are allocated, transferred and used. It is meant to prevent fraud, embezzlement and interception, Xu said.

Government departments at various levels involved in the handling of the funds will share data to facilitate oversight.

Other measures include strengthening audit and transparency, said Xu.

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