Shanghai to audit overseas State-owned assets

Shanghai has passed its first local auditing regulations, the Shanghai Municipal People's Congress said on Friday.

The overseas asset management of State-owned enterprises and financial institutions in Shanghai will be subject to auditing, according to the regulations, which will become effective on Jan 1, 2013.

As the housing provident fund of Shanghai has increasing applications and needs strict management, the fund will also be subjected to auditing, according to the regulations.