The Standard reports:
About 7.1 billion yuan (HK$7.03 billion) of China's 2 trillion yuan social security funds has been misappropriated, according to a report released by the National Audit Office.
The government agency said the funds were siphoned off for "overseas investment, commercial loans to companies, construction of government buildings and other purposes."
The report, released Thursday, said: "The social security funds, except for sums paid to beneficiaries, must be deposited in banks or used to purchase state treasury bonds."
The funds were likened to a "high- voltage power line" - an indication that no one was allowed to illegally tamper with them.
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