Embezzlement, fraud, bribes and waste have accounted for more than US$34.4 billion (Dh126.34bn) missing from China's public purse in the first 11 months of this year, the country's top auditor says.
And the country's fiscal stimulus plan made it even easier for corrupt officials.
Officials in Datong in Shanxi province were rebuked for using 760,000 yuan (Dh408,433) set aside for expanding the airport to buy a luxury sports utility vehicle. They received a demerit on their records and the vehicle was auctioned.
"We should enhance officials' awareness of law and set up a clear accountability system at all government levels," Liu Jiayi, the head of China's audit office, told the Xinhua news agency as his office issued its report.
Corruption is the most controversial issue in China today. Fearing a popular backlash against workers creaming off public funds, the Communist Party has taken significant, highly public steps to stamp out graft.
The auditors went through the books of more than 20,000 officials and nearly 100,000 companies, including 14 provincial governors and ministerial-level officials, as well as the directors of 12 state-owned enterprises, between January and November this year.
The auditors said more than 230 people, including 67 government officials, had been handed over to disciplinary or judicial authorities for roles in the missing funds.
One of China's leading commentators on financial issues, Dr Ye Tan, said the fact that audits were carried out after projects had been started made it difficult to supervise how money was spent.
"Next year I think the embezzlement problem will be less severe than this year's, since next year there will be fewer new infrastructure projects being carried out," Dr Ye said.
"If our way of auditing changed and if auditors were involved in investment projects from the outset and were able to closely follow projects from the start, then I believe the embezzlement problem could be addressed."
Some bigger projects are ripe for corruption, and Mr Liu said there should be greater oversight on projects such as the reconstruction after the devastating earthquake last year in Sichuan; the Beijing-to-Shanghai high-speed railway; the building of pipelines bringing gas from the far west to the eastern coast; and major dam projects.
China's 4 trillion yuan fiscal stimulus plan was also prone to abuse, and the auditors located 88 cases of misspending involving 198 Communist Party cadres.
"In the course of raising domestic consumption, some of the allotted money never reached its destination, and some local funds were not properly managed and regulated," Mr Liu said.
In Nanchong city in Sichuan, local leaders were warned or fired for ignoring tendering and bidding rules to award a hospital demolition project worth 2 million yuan.
On Hainan island, local water resources bureau officials colluded with contractors to write a false report about a land-conservation project, ensuring payment for the contractors for work not done.
Premier Wen Jiabao has called for greater scrutiny of public funds to prevent shoddy building, known in Chinese as " tofu construction", and vanity projects.
business@thenational.ae
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Match info
Champions League quarter-final, first leg
Liverpool v Porto, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,00
On sale: Available for preorder now
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
COMPANY%20PROFILE
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey