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China to monitor stimulus spending

  China’s central government has sent another round of 24 inspection teams nationwide last week to prevent fraud in spending of the CNY 4 trillion ($586 billion) stimulus plan.

The move would start a month-long investigation to track the government spending and examine funded projects, China Daily reported Monday. It would also provide vital reference information in helping the government to formulate further responses to the global financial crisis, analysts said.

The first round of inspection teams were dispatched from last November to January this year, and found no evidence of bribery, embezzlement or money misused to fund energy intensive or heavily polluting projects.

Chinese people are showing concerns over possible fund misuse, corruption and the effect of macroeconomic control while the government carried out the massive economy stimulus package. It highlighted a CNY 4 trillion two-year investment package, for which the central government has pledged CNY 1.18 trillion.

The package included huge government investment, tax reform, industrial restructuring, scientific innovation, social welfare and promoting employment. The stimulus plan has boosted confidence as the global financial crisis is taking its toll on the country’s economy. (Xinhua)