China plans to audit all public spending, according to a newly-revised regulation, in a bid to ensure sound use of public money and effective prevention of corruption.
The regulation on the implementation of the Audit Law, issued by the State Council and to take effect on May 1, will help, it is suggested, improve the country’s auditing system. It will also boost supervision of areas with high incidences of corruption, such as construction projects.
The regulation makes it clear that construction projects whose government investment exceeds 50%, or those with less than 50% government investment but with construction and operation government controlled, must accept being audited.
EnglishNews.cn reported that China’s National Audit Office said in January $33.7 million of reconstruction funds have been misused.