Reported about 1 year ago
China revealed that officials misused funds raised from special bonds and the central government budget, leading to concerns about the efficacy of fiscal measures in supporting economic recovery. Nearly 28 billion yuan ($3.9 billion) of bond funds for 522 projects were not utilized or used for unauthorized purposes by the end of 2023, with an additional 41 billion yuan left unused in central budget investment projects. This revelation raises challenges for Beijing in effectively implementing fiscal stimulus to stimulate economic growth amid slowing investment and escalating trade tensions.
Source: YAHOO