BEIJING (Reuters), – China’s auditing regulator stated that officials must “keep an open mind” when performing audits. This after the country recouped more than 300 Billion Yuan ($47.04B) in public funds.

Xinhua quotes Hou Kai (auditor general for the National Audit Office), as saying that this year’s auditing will be focused on fiscal spending, which includes implementing tax reductions and cuts.

The National Audit Office recouped 304 billion yuan – some of which were used to fund major projects — in the 11 first months of 2021, after an audit. It was up from 220 million yuan a year prior, Xinhua reported.

While the Thursday report didn’t say where they went to, it did mention that 23,000 cadres were inspected as part of an audit.

Hou, an auditor who spoke out about the problems faced by auditing staff said that it was important to keep your eyes peeled.

Hou announced that in 2022 the auditor office will look into and resolve financial problems.

Due to a slowing property market and the strict COVID-19 restrictions that have affected consumer spending, China’s 2nd-largest Economy faces many challenges in 2022.

China will increase income taxes to help lower the tax burden of low and middle-income families, Premier Li Keqiang said December in state media.

According to the Cabinet, this measure will reduce taxes by 110 billion Yuan per year.

($1 = 6.3783 )