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Premier Wen: Budget loopholes need correction

(Xinhua)
Updated: 2009-07-01 21:44

BEIJING: Chinese Premier Wen Jiabao called for attention to "institutional and management loopholes" discovered in the auditing of central government budget in 2008 here Wednesday.

Wen made the comment at the executive meeting of the State Council, China's Cabinet.

All related authorities should take more effective measures to correct these problems, including revising the budget law, strengthening the monitoring and supervision of the new investment projects of the central government, and enhancing transparency in government affairs, Wen said.

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He also called for establishment of accountability mechanism and building of effective monitoring, alarm, emergency system directing at major economic risks.

The correction result should be reported to the State Council by the end of October, Wen said.

Wen also said that the execution and management of the central budget had made substantial improvement in general, and highlighted the importance of audit supervision.

The meeting also approved plans to develop the coastal economic belt in  northeastern Liaoning Province in an effort to rejuvenate the traditional industrial base.

The zone comprises coastal cities of Dalian, Dandong, Jinzhou, Yingkou, Panjin and Huludao, which opened navigation services to more than 140 countries and regions.

The economic zone should work to boost the opening up of northeast China, promote the shipping and logistics services, and push for the development of advanced manufacturing in the area.