CHINA: ON THE MISUSE OF POVERTY FUND
Article Abstract:
Between 1997 and June 1999, China has witnessed the embezzlement and misappropriation of its poverty-alleviation fund. Of the RMB 48.8 bn (HK$ 46 bn) allocated for 592 counties, 20.43% or RMB 9.96984 bn was found to be channelled into wrong areas. Some RMB 12.49 mn worth of funds was pumped into unauthorised areas by seven countries in Liaoning Province. In Guangdong, RMB 2.8 mn of the allotted poverty fund was used as personal and entertainment subsidies, such as car purchases. Some RMB 6.05 mn of the fund in Sichuan Province was splurged on a hotel. In Ningxia Province, a promised RMB 400 subsidy to be disbursed to each farmer has not been handed out. It is also discovered that a Guangdong Province officer embezzled RMB 420,000 from the fund and banked it into his personal accounts.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2001
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CHINA: US$ 165.6-BN FOREIGN RESERVES POSTED
Article Abstract:
For the year of 2000, China reported US$ 165.6-bn worth of foreign reserves, compared to the US$ 163.9 bn reported as of 30 November 2000. According to the People's Bank of China, foreign reserves in year 1999 totalled US$ 154.7 bn.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2001
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CHINA: SHENZHEN VICE-MAYOR ARRESTED FOR BRIBERY
Article Abstract:
In China, the former vice-mayor of Shenzhen has been brought into custody due to his alleged involvement in a bribery case. The vice-mayor is said to have received bribes for approving land contracts.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2001
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