BEIJING - China's top economic planner is set to audit 1.8 trillion yuan ($270 billion) in special construction funds that were part of a massive program introduced last year to help stabilize the economy, 21th century business herald said.
The move by the National Development and Reform Commission (NDRC) comes as Beijing is ramping up fiscal spending and launching a flurry of infrastructure projects to support growth, which has cooled to 25-year lows.
The audit will focus on any misuse of funds that have already been paid by banks, and projects' supervision, the newspaper reported, citing a NDRC work plan.
The NDRC has halted a new batch of funding applications to conduct the audit, a source at a provincial bank told the newspaper.
A total of 1.8 trillion yuan has been injected into the market in six batches since last August, with 1 trillion yuan approved and released this year.
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It is said to be one of the 10 major measures launched by the NDRC to strengthen investment and cope with the downward pressure of a slowing economy, according to media reports.
The funds are being raised by China's two policy banks - China Development Bank Corp and the Agricultural Development Bank of China, who issue bonds to the Postal Savings Bank.
