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China to strengthen auditing work for foreign loans, aid funds

Source:   Time:

BEIJING, March 29 (Xinhua) -- China's top audit authority announced Tuesday that it would enhance auditing and supervision over loans and aid funds from foreign countries during the next five years.

Audit authorities will strengthen supervision of the borrowing, use, repayment, and management of foreign debts in a bid to use foreign capital in an effective and reasonable way, a statement posted on the website of the National Audit Office (NAO) said, without elaborating.

The statement said that during the 12th Five-Year Plan Period (2011-2015), China would also step up auditing over the country's investments and institutions based overseas in order to safeguard state-owned assets.

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