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Tuesday, May 17, 2016, 17:38

Audit finds billions of fiscal funds under used

By Xinhua

BEIJING - China's top auditor said on Tuesday that 9.7 billion yuan (US$1.5 billion) of fiscal funds earmarked for social projects had gone unspent.

The findings came as the National Audit Office released its first-quarter 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.

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