Check unused funds to lift spending
Print Edition
THE Ministry of Finance will scrutinize unused funds of local governments as it wants to boost fiscal spending to bolster a weak Chinese economy.
The monthlong inspection, which starts today, will cover all provinces and cities and some counties, the ministry said in a statement yesterday.
The local governments of Tibet and Xinjiang autonomous regions as well as areas with a large amount of unused funds will be targeted in the inspection, the statement said.
The ministry’s scrutiny seeks to find how local governments are handling funds from unused budgets accumulated over the past years, how government funds are used, how payments are transferred, and how budget adjustment funds are managed.
The inspection is part of the ministry’s efforts to increase fiscal spending amid a slower growth in fiscal income.
The ministry’s data showed that China’s fiscal revenue in the first two months of this year grew 3.2 percent year on year — its slowest pace in nearly one year.
The ministry blamed the slow growth on a weak economy, lower tax receipts, and a loss of income from land sales on a cooling real estate market.
But fiscal spending climbed 10.5 percent to 1.89 trillion yuan, compared with a 6 percent increase over the same period of last year.
Finance Minister Lou Jiwei said earlier this month that an expansionary fiscal policy is a “must” to prevent a sharp economic slowdown.
Lou said the government would boost fiscal revenue by transferring an unspent 112.3 billion yuan from the past two years’ budgets to this year’s expenditure plan, hiking consumption tax on fuel and raising the share of profits to be paid to the government by state-owned enterprises and tobacco companies.
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