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No major problem found in stimulus fund use: NAO

(Xinhua)
Updated: 2009-05-18 15:00

China's National Audit Office (NAO) said Monday that no major problems had been found as of the end of the first quarter by its oversight of the country's stimulus package.

Related readings:  Stimulus spending monitored nationwide  Stimulus package doing its job: Wen  Govt's stimulus steps prove effective

Of the 100 billion yuan ($14.64 billion) allocated by the central government last year, all had been disbursed. Another 130 billion yuan appropriated in February had been mostly distributed, the NAO said in its third report of the year.

The 230 billion yuan investment was included in the 4-trillion-yuan package announced late last year to combat the global economic downturn.

The NAO report said minor problems needed fixing, such as a lack of local support funds and uneven policy implementation, as well as some fake contracts and receipts.

The NAO said it would strengthen its scrutiny of the implementation of the stimulus and fully expose waste, fraud and abuse.