Chinese lawmakers on Monday deliberated a State Council report on 2016 final accounts and an audit report for the central government's the 2016 budget, fiscal revenue and expenditure.
"Facing complicated and stark economic situations at home and abroad, it was not easy to smoothly push ahead fiscal reform and achieve relatively sound final accounts," Du Liming, a member of the National People's Congress (NPC) Standing Committee, said at a panel discussion during the committee's bi-monthly session.
The final accounts report was delivered Friday by Zhang Shaochun, vice minister of finance, stating that China's government debt risk is "largely controllable" and authorities have strengthened local government debt management.
Du suggested the country further improve fiscal management to regulate benefit distribution relations between central and local governments, as well as between different local governments.
Standing Committee member Lyu Wei said that the country should find new ways to contain local government debt risk.
"We should not only control public debt, but prevent risk from rapid local debt growth through different channels," Lyu said.
Commenting on the audit report, Du Liming said audits had yielded positive outcomes in fiscal and financial management. However, national audits can still find problems, including some old problems that have not been eradicated. Du suggested that auditors track rectification of problems found in audits and through inspections.
The audit report said audits led to the punishment of 315 people for irregularities related to affordable housing, and another 309 people for violations in 20 central state-owned enterprises.