China pledged to step up auditing work this year to ensure that Communist Party officials are enforcing the nation’s major policy initiatives, including stabilizing economic growth, employment and prices, state broadcaster CCTV reported.
(Bloomberg) — China pledged to step up auditing work this year to ensure that Communist Party officials are enforcing the nation’s major policy initiatives, including stabilizing economic growth, employment and prices, state broadcaster CCTV reported.
Auditors will focus on policies intended to boost the financial sector’s support to the real economy, as well as closely monitor key areas including local government debts, real estate, grain and energy to prevent systemic risks, CCTV reported. It cited a Tuesday meeting by the ruling party’s audit committee, which is chaired by President Xi Jinping.
Chinese authorities have stressed a need to ensure economic growth while also curbing financial and other risks. Over the past year the nation’s top disciplinary watchdog has sharply criticized financial regulators and big companies for failures, and Beijing announced sweeping changes to its financial regulatory system in March.
The economy, meanwhile, has been a top priority as China emerged from Covid Zero, and concerns have mounted as the recovery loses momentum after an initial burst of activity.
At Tuesday’s meeting, officials said that the “political functions” of audit work will be enhanced, and corruption involving both political and economic issues will be firmly curbed, according to the CCTV report.
China’s audit work has achieved “historic achievements” in the past few years, according to the report, which said the party’s centralized leadership has been better implemented, and auditors have been “more proactive” in supporting national objectives.
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