China's top auditor found that local governments have misappropriated tens of billions of yuan of state-run basic pension funds for various purposes, including debt repayment, as they face mounting financial strain.
Caixin
China's pension funds lose billions of yuan to local governments
Top auditor finds $577bn misappropriated to pay debt and make good on '3 guarantees'
Elderly people relax at a park in Beijing on May 22. The misuse of pension funds comes as localities face greater fiscal strains due to declining tax revenue and a prolonged real estate slump.
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