Government and Policy

Over 20b yuan of policy loans misused

(Xinhua)
Updated: 2010-06-23 17:45
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BEIJING - More than 20 billion yuan ($2.9 billion) of policy loans were misused by policy-based financial institutions, China's chief auditor Liu Jiayi said Wednesday, citing the audit report for 2009.

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Liu, Auditor-General of the National Audit Office (NAO), made the statement in a report submitted to the fifteenth session of the Standing Committee of the 11th National People's Congress (NPC), China's top legislature.

Auditors found some policy loans in policy-based financial institutions were in violation of relevant rules or exceeded their permitted business scope, Liu said.