China finds widespread pension problems
23 November 2006
Following a nationwide audit of pension funds, Beijing says it will put in place tighter controls for management of social security funds and more stern punishments for those who break them. The audit was kick-started by the Shanghai pension fund scandal and uncovered widespread abuse of pension funds in China, the South China Morning Post reported. During a meeting of the State Council Wednesday during which a report of the audit was presented, Premier Wen Jiabao said managing the countries social security net is "an important mission for the central government," the newspaper reported quoting State media. No specific examples were made public but the audit found "some problems are quite serious and require high-level attention."
