Idle govt funds reportedly seized for use

Central authorities have seized up to 1 trillion yuan ($157 billion) from local governments that failed to spend their budget allocations, Reuters reported on Monday, citing unidentified sources.

The news came as China's fiscal income slumped again to single-digit growth in August after two consecutive months of double-digit growth.

The country's fiscal revenue in August rose by 6.2 percent year-on-year, according to a Finance Ministry statement on Tuesday. Growth in July was 12.5 percent, and in June it was 13.9 percent.