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Premier Li stresses audit role in fiscal expenditures

Updated: Jul 14,2018 11:20 AM

Premier Li Keqiang said at the State Council executive meeting on July 13 that the government should make full use of audits, punishing nonfeasance and misconduct and giving incentives to those who work diligently.

.At the meeting, tasks were made to solve problems found in audits on the implementation of the central government budget and other financial revenue and expenditures. Through audit supervision and problem solving, the government will fix loopholes in the administration. Also, punishment and rewards will be conducive to improving efficiency in financial fund use and fiscal policies, the Premier said.

Having done initial work to solve the problems, relative departments and local governments should submit finalized work results to the State Council before the end of October, and open to the public after reporting to the standing committee of China’s top legislator, the National People’s Congress, he said.

He also asked these authorities take primary responsibilities in rectifying the problems.

A clear timetable is needed for the rectification, and repeated violations should be the focus, the Premier said.

Premier Li also urged efforts to speed up the use of idle funds and distribution of budget funds, improve assessment on budget use, and address the problem of unwarranted fund use.

There are still a lot of unused financial funds in the account, which results in the absence of some funds that should be allocated and a delayed process for some projects. All those issues should be addressed during the rectification action, said the Premier.

Efforts should be made to optimize financial expenditure structure, increase the proportion of local coordination in fiscal funds and improve the systems on budgetary constraints, transfer payment and State-owned assets supervision, Premier Li added.

He urged accelerating such efforts to ensure the targeted, safe and efficient use of fiscal expenditures.

Meanwhile, governments and departments at all levels should strengthen supervision on the correction of issues founded in the rectification, he stressed.

Arbitrary and capricious power should be controlled while promoting efficient fiscal expenditures with the aim to achieve fruitful rectification to enhance the continuing and stable economic development and improvement of people’s lives, said the Premier.