About 500 of the more than 34,000 officials whose accounts were audited last year were suspected to be corrupt and referred to prosecution agencies for further investigation.  Auditor-General Liu Jiayi said yesterday that the numbers were roughly the same as in the last two years. About 80,000 auditors audited the accounts of more than 120,000 projects and units across the country last year, helping to save 86 billion yuan ($12.6 billion) of government funds.

The slowdown of the Chinese economy could make officials fudge accounts or misuse government funds to suit the demand of projects and/or gain the favor of their seniors. That’s why auditors have been extra cautious this year and vowed to announce extravagance, big losses and waste in stimulus package spending, apart from the usual violations and crimes.  Source: ChinaDaily National

BIIA Newsletter March 2009 Issue