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China has revealed instances of government fund misuse, highlighting significant fiscal risks. Officials were found to have allowed cash raised from special bonds or funds from the central government budget to be invested in subpar or halted projects. This discovery raises questions about the effectiveness of current fiscal measures. Despite phased progress in local government debt resolution efforts, illegal borrowing has continued, and overdue payments to businesses have grown. The Politburo called for a package of debt-relief measures in July last year, but challenges remain. The country's top audit body reported these issues, as noted by Bloomberg (BBG).
🇨🇳 #China Reveals Government Fund Misuse, Highlighting Fiscal Risks - Bloomberg https://t.co/DokzWuqaBq https://t.co/VDTfL7FPAD
Caixin: "China has seen “phased” progress in local government debt resolution efforts as the Politburo called for a package of debt-relief measures in July last year, but illegal borrowing has continued and overdue payments to businesses have grown, the country’s top audit…
"China discovered that officials allowed cash raised from special bonds or funds from the central government budget to be invested in subpar or halted projects" https://t.co/TzNxxDLsob "It’s just harder and harder to get qualified projects with years of over-investment" https://t.co/rvScfrU9Nd
