Audit shows US$4b from social security misused

Almost US$4 billion (RMB31 billion) in social security funds were wasted or misused last year, state media reported. Figures released by the National Audit Office looked at US$103 billion (RMB800 billion) in social security funds and housing provident funds from 45 cities as well as budgets from social security fund councils. A report from the National Audit Office published last October said some US$916 million (RMB7.1 billion) were misappropriated in 2005. But the released numbers are likely lower than the reality. Without giving a reasion, the audit did not include Shanghai or Tibet, nor local departments, nor funds allotted for disaster alleviation in 13 provinces.