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China regulator recovers $47 billion in funds after audit review

Friday, January 7, 2022
China regulator recovers $47 billion in funds after audit review © Reuters. FILE PHOTO: A security surveillance camera overlooking a street is pictured next to a nearby fluttering flag of China in Beijing, China November 25, 2021. Picture taken November 25, 2021. REUTERS/Carlos Garcia Rawlins

BEIJING (Reuters) - China's auditing regulator said officials should "keep their eyes open" when conducting audits, after recovering more than 300 billion yuan ($47.04 billion) in government funds, the state-run Xinhua news agency reported.

The task of auditing this year will focus on fiscal expenditure, including implementing tax cuts and reductions, Xinhua quoted Hou Kai, auditor general of the National Audit Office, as saying at its annual meeting on Thursday.

The National Audit Office recovered 304 billion yuan - some of which were used for major projects - in the first 11 months of 2021 after an audit, up from 220 billion yuan recovered a year earlier, Xinhua reported.

The report on Thursday did not say where the funds had gone to, but added that about 23,000 cadres were reviewed as part of an audit.

"Keep your eyes open and discern even the tiniest of problems," Hou said of auditing officials.

The audit office will investigate and deal with problems that seriously disrupt financial order in 2022, Hou said.

The world's second-largest economy faces multiple challenges heading into 2022 amid a property downturn and strict COVID-19 restrictions that have hit consumer spending.

China will extend some favourable income tax policies to ease the burden for middle- and low-income groups, state media quoted the cabinet in a meeting chaired by Premier Li Keqiang as saying in December.

The measure is expected to cut taxes by 110 billion yuan a year, the cabinet was quoted as saying.

($1 = 6.3783 Chinese yuan)

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24-01-2022 05:08:03 (UTC+7)

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 EUR/USD1.1326Neutral
 GBP/USD1.3522↑ Sell
 USD/JPY113.60↑ Buy
 AUD/USD0.7149↑ Sell
 USD/CAD1.2606↑ Buy
 EUR/JPY128.66↑ Buy
 EUR/CHF1.0326Sell
 Gold1,840.40↑ Sell
 Silver24.215↑ Sell
 Copper4.4618↑ Sell
 Crude Oil WTI85.32↑ Sell
 Brent Oil87.30↑ Sell
 Natural Gas3.736↑ Sell
 US Coffee C235.88↑ Sell
 Euro Stoxx 504,154.85↑ Sell
 S&P 5004,397.93↑ Sell
 DAX15,375.59↑ Sell
 FTSE 1007,428.11↑ Sell
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,568.42↑ Sell
 BASF65.320↑ Buy
 Bayer51.03↑ Sell
 Allianz220.25↑ Buy
 Adidas246.35Sell
 Lufthansa6.739↑ Sell
 Siemens AG142.52↑ Buy
 Deutsche Bank AG11.156↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,153
SJC HCM6,150/ 6,210
(27/ 17) # 1,153
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,155
SJC Danang6,150/ 6,212
(27/ 17) # 1,155
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,155
SJC Cantho6,150/ 6,212
(27/ 17) # 1,155
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