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CNAO report suggests amending Budget Law as soon as possible
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16:02, June 26, 2009

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CNAO: Local governments' duties and responsibilities do not match their financial strength

The National Audit Office released a 2008 auditing report regarding the execution of central budgets and other financial revenues and expenditures on June 24.

Over the past year, auditing found numerous serious illegal behaviors and economic crimes. The report makes an in-depth analysis into relevant cases and offers advice on enhancing fiscal management and improving the system.

Amend the Budget Law as soon as possible and promote integrity of and transparency in fiscal management. Further reinforce and improve budget management, promote openness of budgets, and strengthen binding force and seriousness of budgets. Actively advance openness of government affairs, and improve the responsibility and accountability system.

Over the past year, auditing found and reported 119 serious illegal behaviors and economic crimes by relevant authorities. These cases involved 221 people, including 42 cadres at bureau and department levels.

The clues discovered in auditing reveal that most crimes share the characteristic of misappropriating state-owned assets in order to obtain illegal benefits. But their forms, means and methods are covert and diverse:

Abuse power and make illegal decisions to seek profits for a small group or individuals.

For example, Li Peiying, former chairman and general manger of Capital Airports Holding Company, looked for profits from relevant units in lending and borrowing or by providing guarantees for bank loans. He demanded or received bribes equivalent to 26.61 million yuan from relevant units and individuals, and misappropriated 82.5 million yuan from his company.

Utilize professional advantage or inside information to manipulate share prices.

For example, since 2007, Wang Jianzhong, former chairman of Beijing Shoufang Investment Consulting, have taken advantage of recommending stocks to the public to make illegal profits. He bought certain securities in advance, and then recommended these securities to the public on his company's website, and sold them the next day. Through manipulation, he netted illegal profits of 125 million yuan.

By People's Daily Online

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