BBC NEWS | Business: "China's auditor general has found that money for Olympic projects has been siphoned off from China's 2003 budget. Altogether, Mr Li's report found 1.4bn yuan ($170m; £93.7m) missing. It said China's tax revenues rose 14.9% in 2003 to a record $242bn.
It also uncovered evidence of sweeping corruption in rural areas, where money to provide cheap loans to farmers was diverted to pay for traffic, electricity and telecoms projects. The report also found wasteful spending on infrastructure projects, saying 25% of 526 projects studied were not completed on time. Another 119 were completed but "could not be put into full operation". Tax evasion was another problem. The audit office scrutinised 788 enterprises which between them avoided paying more than 25bn yuan in taxes."
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