Stimulus money reaching destination

Government auditors have detected some misconduct in the implementation of the nation's fiscal stimulus package, but overall they are pleased with how it has progressed, top officials said yesterday.

The nation unveiled a 4-trillion-yuan ($586-billion) stimulus package last November to prop up the slowing economy. The central government is shouldering 1.18 trillion yuan of the bill, while lower level governments and other investors are expected to account for the rest.

Since last October, the central government has spent 300 billion yuan to carry out the stimulus plan, with most of the investments focused on areas such as affordable housing, infrastructure projects and technological upgrades, Mu Hong, vice-minister of the National Development and Reform Commission, said at a press conference held in Beijing yesterday.