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Some Local Government Treasury Bonds Sitting Idle

CHINA PRESS

Local government use of treasury and special treasury bonds has suffered from irregular management, delayed construction and idle funds, recent audits revealed. In Shandong province, auditors found CNY767 million of the assigned CNY31.3 billion was idle and 10 of the planned 304 projects had failed to start. Luo Zhiheng, chief economist of Yuekai Securities said authorities should ensure solid project preparation to avoid delays later and enhance supervision. (Source: Yicai)

MNI Beijing Bureau | lewis.porylo@marketnews.com

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