After reclaiming more than 300 billion yuan ($47.04 billion) in government funds, China’s auditing regulator advised officials to “keep their eyes open” when performing audits, according to the state-run Xinhua news agency.
This year’s auditing duty will be focused on fiscal expenditure, including implementing tax cuts and reductions, according to Xinhua, who quoted Hou Kai, the National Audit Office’s auditor general, as stated at the office’s annual conference on Thursday.
According to Xinhua, the National Audit Office recovered 304 billion yuan in the first 11 months of 2021 after an audit, up from 220 billion yuan a year earlier.
The report released on Thursday did not specify where the cash was spent, but it did note that an audit of around 23,000 cadres was conducted.
Auditing officials should “keep their eyes open and detect even the tiniest of irregularities,” according to Hou.
In 2022, the audit office will study and address problems that threaten financial stability, according to Hou.
The world’s second-largest economy confronts a slew of obstacles in 2022, including a property slump and COVID-19 regulations that have stifled consumer spending.
China will extend several favorable income tax policies to middle- and low-income groups, official media said in December, citing the cabinet in a meeting chaired by Premier Li Keqiang.
According to the government, the change is estimated to save 110 billion yuan each year in taxes.
