China will step up audits of new projects, state-owned enterprises and
financial institutions next year to make its macro-control measures more
effective in fighting the financial crisis, the country's chief auditor
"Our focus next year is to oversee the implementation of macro-control
measures ... and guarantee their timeliness and effectiveness," Liu Jiayi, head
of the National Audit Office (NAO),told an agency conference.
Auditors will focus on potential risks in government finance and "watch for
possibilities that economic woes might lead to social unrest or even political
problems," said Liu.
Money newly allocated to be spent late this year, part of a 4 trillion yuan
(US$580 billion) stimulus plan, will get special attention in 2009, he said.
The government added 100 billion yuan of investment to fourth-quarter
spending to spur domestic economic growth.
Audit agencies will ensure investment in the new projects is properly used
and focus on revealing extravagance, corruption and use in smokestack projects,
He said more than 104,000 enterprises and agencies were audited from January
He said 290 people, including 64 officials, had their cases referred to
judicial or disciplinary agencies.
Another focus in 2009 would be to overseas investment by state-owned
companies to make sure such investment is safe, while misjudgment and managerial
problems that lead to state-owned asset losses will be revealed, Liu told the
The NAO examined the impact of the global financial crisis on Chinese lenders
and the economy in the second half of this year, said Liu, without disclosing
He pledged to continue checking the asset quality and performance of
financial institutions and helping them improve risk control.