Auditor urges idle funds be spent
Print Edition
CHINA’S auditing office has pledged to support a stable economy by encouraging the spending of idle public funds, and it will also enhance inspection of financial risks, the National Audit Office said in a statement yesterday.
It will tighten auditing of fiscal spending and help improve efficiency of investment even as the office urges the government to spend more of its loans on public welfare projects such as reconstruction of shanty towns, building affordable housing, and improving underground pipe network.
The government has unveiled a mini-stimulus package to boost the economy after economic growth eased to an 18-month low of 7.4 percent in the first quarter.
The measures have included investing in sectors such as infrastructure and social housing, relaxing loans to small businesses, adding liquidity to the market, and cutting tax for certain areas.
The Ministry of Finance in May urged central and local governments to accelerate planning and spending of the budget, and the ministry has tightened up criteria for local governments to access public funds to prevent waste of money.
Not using budgeted funds will hurt the economy such as stopping necessary consumption and investment, government officials have said.
Last year, the central government spent 98.5 percent of its annual budget, leaving 106.8 billion yuan unused, the ministry said. The government also did not use all its budget in 1989 and 2009.
On June 25, the audit office released auditing results of how 38 central government departments, including itself, spent their 2013 budgets. It found funds left idle due to insufficient planning, embezzlement, using fake invoices to cheat funds, and overspending on luxury cars and overseas trips.
The audit office said yesterday that it will “give more prominence” to the efficiency of fiscal spending while continuing to ensure its legitimacy and actuality.
The top auditor has also pledged to watch financial risks in the government debts and capital market.
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