Special purpose bonds are designated to support local projects, including transport, energy, environmental protection, logistics, urban facilities and affordable housing. Photo: Xinhua
Special purpose bonds are designated to support local projects, including transport, energy, environmental protection, logistics, urban facilities and affordable housing. Photo: Xinhua

China’s local authorities misused US$5 billion from special purpose bonds, auditors tell legislature

  • 10 Chinese cities or counties were found to have misused 13.7 billion yuan (US$2 billion) of special purpose bond proceeds for corporate operations and payroll
  • National Audit Office also found 21.7 billion yuan of funds sitting idle for more than a year, deputy head Wang Benqiang told the national legislature on Wednesday

Special purpose bonds are designated to support local projects, including transport, energy, environmental protection, logistics, urban facilities and affordable housing. Photo: Xinhua
Special purpose bonds are designated to support local projects, including transport, energy, environmental protection, logistics, urban facilities and affordable housing. Photo: Xinhua
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