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Auditors Uncover No Problems In Package

CHINA'S National Audit Office yesterday said no major problems had been found by the end of the first quarter this year after it scrutinized the government's stimulus package.

A lack of local support funds and imperfect measures for policy implementation, as well as some fake contracts and receipts for discounted notes, were the main problems that needed fixing, the office said.

Cash from such discounted notes had gone into bank deposits to profit from the interest margin instead of going into the real economy, said the report.

Meanwhile, of the 100 billion yuan (US$14.64 billion) allocated by the central government last year, all had been disbursed. Another 130 billion yuan appropriated in February had been mostly distributed, the office said.

This investment was included in the 4-trillion-yuan package unveiled late last year.


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