China Reveals Government Fund Misuse, Highlighting Fiscal Risks [BNN Bloomberg (Canada)]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: BNN Bloomberg
Almost 28 billion yuan ($3.9 billion) of bond funds involving 522 projects were untapped or used for purposes other than what they were approved for as of the end of 2023, the National Audit Office said in a statement released Tuesday. Progress was also slow in the 721 projects identified by the National Development and Reform Commission for central budget investment, leaving over 41 billion yuan unused. Some projects even received more government or special bond funds than their planned total investment, it added. The report — a rare revelation of government fund misuse — highlights the difficulties Beijing faces in effectively implementing fiscal stimulus. Officials struggle to find quality projects, which have focused on infrastructure construction so far, to put government funds to use. Improper funding rollout could hurt China's economic growth prospects, especially as households and businesses hesitate to spend amid a property downturn, and as its companies start to face
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