China's National Audit Office will increase its inspections of land
transactions and crack down on corruption in the transfer of land ownership, the
official Xinhua News Agency reported Tuesday.
is part of government efforts to slow overly rapid fixed-asset- investment
growth, and follows the Ministry of Finance saying Monday it will double the
fees on land transfers for construction purposes starting Jan. 1.
An Linghu, deputy director of the NAO, said the audit office will
"investigate corruption cases involving large amounts of money and high-level
officials, as well as cases leading to the waste of money and energy," according
to the Xinhua report.
The office will target for inspection financial trading, construction, the
ownership and transfer of state-owned enterprises and the ownership and transfer
of land, the report said.
Linghu said officials working in audit departments must also be supervised.
Anyone who violates laws and disciplines will be "severely punished," he said.
China's urban fixed-asset investment in the January-October period rose 26.8%
from the same period last year, decelerating for a fourth straight month. But
government officials have cautioned that a rebound in investment is likely given
As well as restrictions on land use, Beijing has also increased interest
rates twice and banks' reserve requirement ratio three times this year to