China warns local governments not to misuse tech innovation funds – ET Telecom

China on Wednesday published revised rules on how local governments should manage funds allocated by Beijing for scientific and technological innovation, at a time when local government finances are under stress. The rules reiterate the need for local governments to report wasteful and illegal use of such funds to central government ministries, and warn against the use of such funds for debt repayment, pensions and civil servant salaries, according to a document on the website of China s ministry of finance.