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Hu Axiang, 88, receives her first pension at her home in Shanghai, China, on Sept. 28, 2006. China Photos/Getty Images
News Analysis
China’s auditors say local officials have been raiding pension accounts, school budgets, and farm aid funds to keep the lights on and service a mountain of local debt. Borrowing is now estimated at more than half the size of the national economy, according to research by global banking group BBVA.
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