China pledges new audit measures to curb risks, stabilize growth

China National Radio reported late Tuesday that the Chinese Communist Party has pledged to step up auditing to ensure officials implement measures to stabilize economic growth.

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China has pledged to curb risks and stabilize economic growth by stepping up audits to ensure ruling party officials implement policy initiatives, state broadcaster CCTV report late Tuesday.

The audit should focus on ensuring support and financing for the real economy, CCTV quoted a meeting of the Communist Party’s audit committee chaired by Chinese President Xi Jinping on Tuesday as saying.

Areas such as local government debt, finance, real estate, food and energy should be closely watched to reduce systemic risks, the report said.

That’s because China is experiencing a tepid economic recovery after belatedly emerging from its zero-Covid policy late last year.

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China left its benchmark lending rate unchanged for the ninth straight month on Monday, even as the latest economic data for April showed growth The world’s second-largest economy remains sluggish.

In March, China announced changes to the way it organizes its financial regulator.It created a new body that absorbs its banking and insurance regulators — two of the 25 financial institutions in China’s Central Commission for Discipline Inspection harsh criticism early last year.

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