From Voice of America:
A Chinese government audit has found that local officials have misused $4 billion in social security funds that are meant to provide a safety net for China’s growing population of retirees. As VOA’s Michael Lipin reports from Hong Kong, one reason for the massive fraud is Beijing’s lack of supervision of local governments.
The report by China’s national audit office shows that almost four percent of the country’s social security funds were not properly accounted for last year.[Full Text]
