Home China Business & Economy Audit Finds Chinese Provinces Raiding Pensions as Local Debt Swells Toward GDP Size

Audit Finds Chinese Provinces Raiding Pensions as Local Debt Swells Toward GDP Size

Share
audit-finds-chinese-provinces-raiding-pensions-as-local-debt-swells-toward-gdp-size
Audit Finds Chinese Provinces Raiding Pensions as Local Debt Swells Toward GDP Size
Share
Audit Finds Chinese Provinces Raiding Pensions as Local Debt Swells Toward GDP Size

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.

Share