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Financial Problems Exposed in China

The National Audit Office of China has publicized its latest audit results and reports financial irregularities in a number of departments.

In the report, the office asserts that the Ministry of Land and Resources, the Industrial & Commercial Bank of China and the State Bureau of Surveying and Mapping have financial problems.

The office says the Ministry of Land and Resources is facing five big financial problems, including providing governmental funds to organizations that had no right to them.

The office has also exposed the alleged mismanagement of funds at the Industrial & Commercial Bank of China and the State Bureau of Surveying and Mapping.

The three groups reportedly have responded to the audit office's report by punishing responsible individuals.

They have also proposed improving their management reporting practices to the audit office.