China has issued a revised regulation on auditing economic responsibilities of government and Communist Party officials and managers of state-owned enterprises.

According to a statement published by the General Offices of the Communist Party of China (CPC) Central Committee and the State Council on Monday, the auditing is to strengthen the evaluation of the performance of officials in fulfilling their economic responsibilities.

The auditing covers all government and Party officials from township level to provincial and ministerial level, as well as legal representatives of state-owned enterprises and enterprises, including financial institutions, in which state-owned capital holds a controlling or dominant position.

Economic responsibilities prescribed in the regulation include carrying out economic policies, making decisions and arrangements, promoting economic and social development, managing public funds, state-owned assets and state-owned resources, as well as preventing and controlling major economic risks.

According to the regulation, officials shall bear direct responsibility for acts resulting in the loss and waste of public funds, state-owned assets and state-owned resources, causing damage to the ecological environment, and harming the public interests.

Additionally, the results of auditing are to be reported, and an accountability system will be established. The results will also be used as references in performance evaluation, promotion, rewarding and punishment of officials.

The regulation is a revised version of the one published in October 2010 and has taken effect since July 7. 

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