Local government revenue from land sales has plunged due to regulatory tightening in the property sector and the coronavirus pandemic has added pressure. Photo: AFP
Local government revenue from land sales has plunged due to regulatory tightening in the property sector and the coronavirus pandemic has added pressure. Photo: AFP
Bonds

China’s cash-strapped local governments accused of misusing funds as economic pressure grows

  • China’s audit office says local governments have misused proceeds from special purpose bonds and falsified information to receive coronavirus subsidies
  • 23 small- and medium-sized banks were found to have understated their bad loans by 170.96 billion yuan (US$25 billion), among other financial transgressions

Local government revenue from land sales has plunged due to regulatory tightening in the property sector and the coronavirus pandemic has added pressure. Photo: AFP
Local government revenue from land sales has plunged due to regulatory tightening in the property sector and the coronavirus pandemic has added pressure. Photo: AFP
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