The National Audit Office looked into how local governments across nine provinces were managing their special-purpose bonds (SPBs) in 2024 and found 132.6 billion yuan ($19.5 billion) in funds that had been used problematically.
It was not the first such finding — audits in recent years had repeatedly turned up similar patterns. Localities had inflated projected returns to win approval, allowed funds to sit idle after disbursement, and quietly redirected money to cover operating expenses or repay unrelated debts.
京公网安备 11010502034662号 
