BusinessCompany NewsChinese government losses reach £800m

Chinese government losses reach £800m

Government departments misappropriated state money

An audit of the Chinese government has found £800m was lost last year through
corruption and poor tax collection.

China’s National Audit Office found that 48 central government departments
misappropriated 5.51bn yuan (£376m) from the central budget, while another
6.65bn yuan (£457m) was lost through poor tax collection methods.

The audit found that nine central government departments embezzled a total
176m yuan (£12m) of central government funds by tactics that included reporting
fabricated projects.

Another 18 departments took 702m yuan (£48m) of central budget cash or other
funds on building offices or other personal expenses.

Despite these losses auditor general Li Jinhua said the central budget was in
generally good shape with better budgetary controls.

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