Key facts
- China's top auditor, Hou Kai, presented an audit of the 2025 central budget.
- Four major commercial banks were criticized for mismanaging technology-focused lending programs.
- The audit found that the banks' tailored financial products did not meet the urgent needs of innovative enterprises.
China's top auditor has reprimanded four major commercial banks for mismanaging technology-focused lending programs. Auditor General Hou Kai presented the findings as part of an audit of the 2025 central budget to the National People's Congress Standing Committee. The audit highlighted a disconnect between Beijing's strategic innovation funding goals and the risk-averse nature of state-backed lenders, noting that the banks' financial products did not adequately serve the needs of innovative companies.