Wednesday, December 30, 2009

Beijing Says Billions in Funds Are Missing

Create government power centers, even in China, and the bad guys are going to corrupt it.

Auditors discovered that 234.7 billion yuan ($34.3 billion) disappeared from public funds in the first 11 months of this year, state media said Tuesday, in a report that underscores the depth of official corruption in China, reports WSJ.

Cases involving 67 senior officials and 164 others were handed over to judicial authorities.

Premier Wen Jiabao has called on state auditors to review public-investment projects to help avoid embezzlement and waste, Xinhua news agency reported.

Official corruption is one of the main causes of social unrest in China

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