China commits to new audit measures to limit risks and stabilize growth
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China’s state television reported late on Tuesday the Communist Party pledged to step up audits to ensure officials take measures to stabilize economic growth.
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China has pledged to limit risks and stabilize economic growth by beefing up audits to ensure ruling party officials carry out policy initiatives, state television said. . CCTV reported late Tuesday.
CCTV said the audits should focus on ensuring support and financing for the real economy, citing a meeting Tuesday of the Communist Party audit committee chaired by Chinese President Xi Jinping. maintain.
Close attention should be paid to areas such as local government debt, finance, real estate, food and energy to reduce systemic risk, the report said.
This comes as China is experiencing a slow economic recovery after emerging from its no-Covid policy late last year.
China left its prime lending rate unchanged for the ninth month of May on Monday, despite the latest April economic data showing growth in The world’s second largest economy remains stagnant.
In March, China announced changes to the way its financial regulators are organized. It started a new agency to take over its banking and insurance regulators—two financial institutions out of 25 that China’s Central Commission for Discipline Inspection harsh criticism early last year.