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An audit report published Thursday found that about 7.1 billion yuan
(US$900 million) of the country's 2 trillion yuan (US$253 billion)
social security fund had been
misappropriated.
According to the National Audit Office, the funds were siphoned off for "overseas investment,
commercial loans to companies, construction of government buildings and
other purposes."
Of the total, 2.3 billion yuan (US$291 million) was stolen before 1999
and 4.8 billion yuan (US$607 million) after that, said the report.
"The social security funds, except for sums paid to beneficiaries, must be deposited in banks
or used to purchase State treasury bonds," said the report.
The agency's investigation, which started in September, audited
pension, unemployment and
health insurance funds in provinces across the country, and discovered
corruption and irregular management.
At a health insurance fund management centre in the Ningxia Hui
Autonomous Region, the director and the finance chief transferred 31.9
million yuan (US$4 million) of medical
insurance premiums to bank accounts of friends and
relatives.
China provided pensions to 43.67 million retirees last year and granted
living subsidies to 3.62
million laid-off people.
(China Daily) | 
