POST Online Media Lite Edition


China audit finds billions of fiscal funds sitting idle

Staff writer |
China's top auditor said that 9.7 billion yuan ($1.5 billion) of fiscal funds earmarked for social projects had gone unspent.

Article continues below

The findings came as the National Audit Office released its Q1 review on the use of fiscal funds allocated to major social projects such as poverty relief, urban sewage treatment and affordable housing.

Redundant procedures for project approval, insufficient budget plans and lagging policy implementation were among the reasons given for the inefficient use of the funds.

China has accelerated fiscal spending on major infrastructure projects as part of efforts to arrest the slowdown in economic growth.

The government has put emphasis on efficient use of fiscal funds to support major infrastructure and social projects as the broader economy slows.

The top auditor suggested improving coordination between government departments and better management of funds.

What to read next

Auditor says $2.6bn environment funds in China not effectively used
Developing nations lose 67% of exports through misinvoicing
Zombie funds worth $116 billion