Wen addresses budget 'loopholes'

Source: Xinhua  |   2009-7-2  |     NEWSPAPER EDITION

CHINESE Premier Wen Jiabao yesterday called for attention to be paid to "institutional and management loopholes" discovered in the auditing of the central government's 2008 budget.

Wen was addressing the executive meeting of the State Council, China's Cabinet.

Authorities should take more effective measures to correct these problems, including revising the budget rules, strengthening monitoring and supervision of the central government's new investment projects, and enhancing transparency in government affairs, he said.

He also called for the establishment of an accountability mechanism and the building of an effective monitoring, alarm and emergency system for major economic risks.

The correction result should be reported to the State Council by the end of October, Wen said.

Wen also said the execution and management of the central budget has improved greatly, however he went on to highlight the importance of audit supervision.

The meeting also approved plans to develop the coastal economic belt in northeastern Liaoning Province to help rejuvenate the area.