Audit shows billions `missing' at state agencies Audit reveals that billions are missing at state agencies Ahead of a key meeting, analysts are worried about the banks.

(From South China Morning Post)

Byline: Christine Chan and Fong Tak-ho

When a high-profile conference begins in Beijing tomorrow to address perhaps the most complex issue facing the national leadership - reform of the financial system - senior cadres will have had some interesting reading to digest.

According to reports published in state-run media yesterday, more than 200 billion yuan (about HK$188 billion) had been "mislaid" by state agencies in the first 11 months of last year, while 7.3 billion yuan had been "lost" through "poor decision-making".

The reports, which herald the start of the National Audit Office's campaign, did not specify which institutions were involved, but the office did name two state-run banks that were involved in "rampant irregularities". …