Huge gaps un­cov­ered

China Daily (Canada) - - TOP NEWS -

The cen­tral govern­ment’s budget man­age­ment ap­pears more ef­fec­tive than that of lo­cal gov­ern­ments and State-owned en­ter­prises, where glar­ing holes re­main, ac­cord­ing to the na­tional au­di­tor. Eleven pro­vin­cial gov­ern­mentswere au­dited. By the end of 2015, pro­ceeds fromtheir and their sub­or­di­nates’ bond is­sues to­taled 1.1 tril­lion yuan ($165.7 bil­lion), in­clud­ing 27.5 bil­lion yuan not used as re­quired. They also raised 56.5 bil­lion yuan of newdebt, us­ing pro­hib­it­ed­means.


Up to 151 mil­lion yuan was raised with fraud­u­lent ap­pli­ca­tions and claims, or il­le­gally used, and 870 mil­lion yuan was not used.

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