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China to strengthen auditing amid major policy implementation

Updated: Oct 27,2014 4:36 PM

The State Council announced on Oct 27 that China will strengthen auditing, with the aim of continuing its efforts to deepen its ongoing process of reform.

The audits will concern a wider range of activities, so as to increase supervision of major policy implementation, public funds, State-owned assets and resources.

The State Council said the authorities will strengthen auditing to ensure that reform policies and measures are implemented and public funds are not misused.

They will also aim to detect potential problems in State assets, and financial instability concerning local government debts.

The State Council said the audits will pay special attention to major projects and funds concerning people’s livelihood, including health care, poverty relief and affordable housing construction.

They will focus on areas such as the allocation of fiscal funds, approval of major investment programs, large-scale procurement, State asset transfer and land sales - and any major violations revealed by the audits will be fully investigated.

Additionally, departments, groups or individuals connected to the management, distribution and use of public funds as well as State assets and resources should cooperate with the authorities in the auditing process.