China urges more efficient uses of fiscal funds

The State Council, China's cabinet, on Wednesday called for using fiscal funds more efficiently, focusing on stabilizing economic growth, adjusting the economic structure and improving people's well-being.

The country will increase financial input to areas such as the renovation of dilapidated neighborhoods, energy conservation and environmental protection, improvements in public services, urban infrastructure construction and boosting consumption, according to a statement released after a State Council meeting, chaired by Premier Li Keqiang.

It also vowed to ensure the proper use of poverty alleviation funds and social security funds.

The meeting came after several audit reports, issued by the country's top auditor last week, exposed problems in the enforcement of the central budget for 2012 and other fiscal expenditures.

Participants at the meeting urged that efforts be made to rectify these problems, retrieve embezzled money and prevent further fund misuse.

The State Council urged both central government agencies and local governments to tighten their belts by further cutting spending on receptions, vehicles and overseas trips.

The meeting also approved a plan to set up a pilot free trade zone in Shanghai, the first of its kind on the Chinese mainland, which the statement called a crucial move to adapt to global economic and trade development as well as impose a more proactive opening-up strategy.

The meeting also approved a draft regulation concerning foreigners' entry and exit. The statement said the regulation aims to facilitate trade and investment, boost cross-border tourism and attract foreign high-end talents. However, it did not provide any details on the regulation.