China starts checks on unused fiscal funds

The Ministry of Finance on Thursday announced a nationwide inspection on idle fiscal funds.

The inspection, which will run from March 20 to April 20, will review the scale and structure of unspent funds, and why they have not been put to proper use.

As fiscal revenue slowed due to the economic downturn, the government has underscored the need for efficient use of fiscal funds.

In January, the State Council unveiled a 10-point reform package to activate unused fiscal money to support growth.

In the first two months of 2015, fiscal revenue rose 3.2 percent year on year to reach 2.57 trillion yuan (417.5 billion U.S. dollars). This was a sharp slowdown from the 8.6 percent gain seen in 2014, as downward pressure on the economy continued.

China plans to raise its budget deficit to 2.3 percent of its gross domestic product (GDP) for 2015, up from last year's target of 2.1 percent.