Shanghai’s Lost Pension Funds All Recouped – China Business News
Shanghai mayor and acting party secretary Han Zheng (Èü©Ê≠£) proudly announced at a government report meeting of the city that all the illegitimately used pension funds, totally 3.7 billion yuan including interest, have been recouped.
Without naming a name, Han noted the scandal caused very bad “political impact (ÊîøÊ≤ªÂΩ±Âìç),” and that it involved a number of officials in important positions. The case “exposed the flaws of our system, loopholes in our management and a lack of supervision.” He called for learning from the lesson and improving the work. [Full Text, in Chinese]