Dozens of local governments and small- to medium-sized banks in China have been found to be in breach of financial rules, as authorities in Beijing crack down on systemic risks amid growing pressure on the economy.
A total of 10 regions misused the proceeds of 13.66 billion yuan (US$2.03 billion) worth of special purpose bonds – which are allocated primarily for infrastructure spending – on business operations and personnel wages last year, according to China’s National Audit Office.
[FULL STORY HERE]
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