New office to audit assets outside China

The National Audit Office (NAO) has beefed up its scrutiny of overseas State-owned assets with the establishment of a new department specializing in auditing the sector.

The move is part of the central government's efforts to improve management of its overseas State assets and rein in fraud reported in the sector in recent years.

During its recent restructuring, the NAO established the new department to supervise the financing of overseas units of government departments, and audit State-owned companies, firms in which the State has a majority shareholding and financial institutions, China Securities reported on Monday.