China cuts 313.4b yuan from 2014 budget after evaluation

BEIJING - The Ministry of Finance (MOF) on Saturday said that it had refused to release 313.4 billion yuan ($51 billion) of the 2014 budget due to evaluation efforts.

The ministry deemed certain project proposals "untruthful", and would not allocate them any funds.

The MOF reviewed proposals worth 2.44 trillion yuan last year to improve budget management, an increase of 5.52 percent year on year.

China has stepped up efforts to reform its fiscal reporting system to reduce debt risks and to ensure all government income and spending is included in the management system.