Top auditor finds $577bn misappropriated to pay debt and make good on '3 guarantees'.

 

 Top auditor finds $577bn misappropriated to pay debt and make good on '3 guarantees'.


China's top auditor found that local governments have misappropriated tens of billions of yuan of state-run basic pension funds for various purposes, including debt repayment, as they face mounting financial strain.

The National Audit Office reviewed 4.1 trillion yuan ($576.9 billion) of basic pension funds -- covering public and private sector employees as well as urban and rural residents -- across 25 provincial-level regions, identifying around 60.2 billion yuan in improperly used funds, according to the State Council's 2024 annual audit report