China promises new audit measures to limit risks and stabilize growth


China’s state broadcaster reported late Tuesday that the Communist Party has pledged to step up audit work to ensure officials implement measures to stabilize economic growth.

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China is committed to reducing risks and stabilizing economic growth by stepping up audit work to ensure ruling party officials implement policy initiatives, the state broadcaster said. CCTV reported late Tuesday.

Audits should focus on supporting and financing the real economy, CCTV said, citing a Tuesday meeting of the Communist Party’s audit committee chaired by Chinese President Xi Jinping.

Particular attention should be paid to areas such as local government debt, finance, real estate, food and energy to reduce systemic risks, according to the report.

It comes as China experiences a lukewarm economic recovery after a late exit from its zero Covid policy late last year.

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China kept benchmark lending rates unchanged for the ninth month of May on Monday, despite the latest round of economic data from April suggesting growth in the world’s second-largest economy remains sluggish.

In March, China announced changes to the way it organizes its financial regulators. It created a new body that absorbed its banking and insurance regulators – two financial institutions among the 25 that China’s Central Commission for Discipline Inspection sharply criticized at the start of last year.

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