China regulator recovers US$47 billion after audit review, warns officials to ‘keep their eyes open’
- 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
- A Xinhua News Agency 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
China’s auditing regulator said officials should “keep their eyes open” when conducting audits, after recovering more than 300 billion yuan (US$47 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 having said 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 show 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
“Keep your eyes open and discern even the tiniest of problems,” Hou said of auditing officials.