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“China Vows to Implement Fresh Audit Measures to Limit Risks and Maintain Steady Economic Growth.”

China pledges new audit measures to curb risks and stabilize growth

China pledges new audit measures to curb risks and stabilize growth

China’s ruling Communist Party has vowed to step up auditing efforts to ensure policy initiatives are implemented and risks are curbed so as to stabilize its economic growth. The party stated that audits should focus on areas such as local government debt, finance, property, food and energy in order to reduce systematic risks. The announcement comes against a backdrop of a slow economic recovery for China, following the country’s emergence from its zero-Covid policy late last year. On Monday, China maintained its benchmark lending rates unchanged for the ninth consecutive month, despite sluggish growth in the world’s second largest economy.

FAQs

Why is China focusing on auditing initiatives?

China’s ruling Communist Party is looking to stabilize economic growth and curb risks through increased auditing efforts. The party aims to ensure officials implement policy initiatives by focusing on key areas such as local government debt, finance, property, food and energy.

What is China’s current economic situation?

China is currently experiencing a tepid economic recovery following its late emergence from its zero-Covid policy in 2020. Despite this, the country has maintained benchmark lending rates unchained for nine consecutive months, despite sluggish growth in the world’s second-largest economy.

What is China’s plan for curbing risks and stabilizing economic growth?

China’s plan for curbing risks involves increased auditing efforts and ensuring officials implement policy initiatives. Audits will focus on key areas such as local government debt, finance, property, food and energy to reduce systematic risks and stabilize economic growth.

China pledges new audit measures to curb risks and stabilize growth
China pledges new audit measures to curb risks and stabilize growth

New audit measures promised by China to control risks and maintain growth stability

China has committed to bolstering its auditing efforts to ensure the implementation of policy initiatives and stabilize economic growth, according to state broadcaster CCTV. The move, announced on Tuesday by the Communist Party audit committee chaired by President Xi Jinping, is aimed at reducing systemic risks and focusing on areas such as local government debt, finance, property, food and energy. The pledge comes as China attempts to recover from the economic effects of the Covid-19 pandemic. Despite April’s economic data indicating sluggish growth for the world’s second-largest economy, China has kept benchmark lending rates unchanged for nine consecutive months.

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