China Probes Local Govt Bonds for Misuse: Herald

China's Ministry of Finance has ordered a thorough monitoring of the use of local government special purpose bonds through better data collection, focusing on project preparation, construction, operations and income, the 21st Century Business Herald reported citing sources. As of Dec. 31 last year, there were CNY12.9 trillion outstanding special-purpose bonds, far exceeding the corresponding fund revenue of CNY9 trillion allocated to service these debts, the newspaper said. Many problems were uncovered in project reserves, reporting and issuance, fund spending and disclosures, the Herald said.