US$6.4b declared as losses recovered
Print Edition
China’s top auditor said yesterday that it had recovered 39 billion yuan (US$6.4 billion) and 34,647 hectares of land by the end of October after inspecting the central government’s 2012 budget.
The National Audit Office said it had uncovered 175 cases of irregularities for which 1,204 people were criminally charged, according to a statement posted on its website.
The office said a total of 358 billion yuan had been corrected and 39 billion yuan losses redeemed. The auditor said among the reasons for the losses were excessive government procurement, conference fees, overseas business trips by officials and local government debts.
Some of the local governments raised money through illegal fundraising activities.
The Ministry of Finance gathered public opinion and market information to monitor the illegal activities that pushed up the local government debts.
The auditors also investigated state-owned banks and found they overcharged small enterprises for loans, extended loans to projects that were non-compliant or with insufficient guarantees, had loans embezzled by clients, inflated deposits and concealed asset quality problems.
Only less than one-tenth of the total budget for state-owned companies was allocated to specific enterprises and project, the auditors found.
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