Hu's Pension Power Play

Shanghai's sweltering August temperatures usually keep visitors to a minimum, but more than 100 officials from Beijing descended on the city last week—and they were bringing heat of their own. Investigating what state media have dubbed Shanghai's biggest financial scandal in years, the Beijing audit team is probing allegations by the central government that the city's already undercapitalized $1.25 billion pension fund may have been used to illegally finance various business deals and speculative real estate projects. Among those hit by accusations of bribery or improper loans are Zhu Junyi, the pension fund's supervisor and a member of China's parliament; Zhang...

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