Economy

Markets

Industries

Insights

Reports

Events

SOEs to be supervised for corruption in projects

(Xinhua)
Updated: 2009-02-08 22:03

China's state assets watchdog will closely watch over projects implemented by state-owned enterprises (SOEs) in the country's massive stimulus package to prevent corruption, an official said on Sunday.

The State-owned Assets Supervision and Management Commission (SASAC) will strictly look into the progress and fund use of projects by SOEs directly under the central government, said the SASAC director Li Rongrong.

Related readings:  Central gov't cashes in another US$19B for stimulus plan  Better supervise over State companies  China to audit gov't spending, stimulus projects

Many projects are estimated to see over tens of millions of yuan put in, making it a more important task to fend off corruption, he said at an SOE meeting on disciplinary inspection work.

China unveiled a stimulus package with a total investment of 4 trillion yuan ($586 billion) in November to boost domestic demand and offset the world economic slowdown.

Of the total, 100 billion yuan had been allocated by the central government by the end of last year.

Li said inspectors will particularly focus on projects in such sectors as power grids, telecommunications, transportation, equipment, construction and metallurgy.

The SASAC will also check whether the projects cause environmental hazards, consume too much energy and resources or result in excessive capacity, said Li.

A total of 4,960 Chinese officials above the county level were punished in a year ending November 2008, data show. They were involved in corruption and commercial bribes, hurting people's interests.