Chinese provinces aren't using the funds raised from infrastructure bond sales effectively, audit reports showed, raising doubts about their ability to spur investment and growth in the economy. Of the 25 provinces that have released audit reports of their 2022 budgets, 80% had mismanaged bond funds, according to an analysis by Sinolink Securities Co analysts led by Zhao Wei. The problems include insufficient project preparation, misuse of the bond proceeds, and money granted being left unused. The slow roll-out of the funds is one of the 'clogging points in stabilising growth' cited in the provincial reports, the analysts wrote in a note on Wednesday.

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