Tuesday June 23,2015 : BILLIONS UNACCOUNTED FOR IN CHINESE LOTTERY ACTION?
China's Academy of Social Sciences raises some interesting questions.
China's Academy of Social Sciences has raised some interesting questions on the nation's lottery activities in its annual report on charitable donations, noting that only RMB 40 billion appears to have been spent on social welfare projects as mandated, according to a report in the China Economic Review.
That leaves RMB 64 billion of the total RMB 104 billion raised through lotteries apparently unaccounted for, or as the Academy more diplomatically puts it: "It is unclear where the remaining RMB 64 billion has been spent."
Earlier this year the Chinese central government encouraged provincial governments to suspend online lottery sales and review the activities of retailers, implying that there is suspicion that all might not be in order