This in the China Daily, the paper citing officials from the finance ministry
China is building a nationwide system to monitor the income and expenditure of local governments in a bid to control debt
- a budget performance evaluation and management system that will supervise all investment and financing activities by both central and local governments
- will also cover public-private partnerships and China's sovereign wealth fund, and will include provisions to suspend funding for projects with "serious problems"
China Daily is an official newspaper
