Audit: China fixes bulk of fiscal problems tied to 2024 budget

China rectified fiscal issues totaling 1.04 trillion yuan ($148 billion) identified in a 2024 audit of its central budget and other revenues, according to a report reviewed on Monday by the National People's Congress Standing Committee.

The report noted that 98 percent of the 2,186 issues requiring immediate action have been resolved. For the 1,299 issues requiring phased rectification and 753 issues needing ongoing attention, authorities have established comprehensive roadmaps to ensure systematic resolution.

In response to the audit findings, officials implemented more than 1,090 new or improved institutional measures. Additionally, over 3,420 individuals were subject to disciplinary actions.

The report stated that the rectification process is progressing smoothly and is effectively addressing systemic issues that could hinder high-quality economic development.