Audit Service Center of China National Audit Office for Foreign Loan and Assistance Projects Audit Report jý E 20203 18 -% AUDIT REPORT [ 2020 ] NO. 18 Projeet Name: Integrated Modern Agriculture Developrnent Project Financed by the World Bank : 8321-CN Loan No.: 8321-CN Project Entity: Budget Evaluation Center of Ministry of Finance è 't* : 2019 Accounting Year: 2019 目录 Contents 一审计师意见··！··，···，·，··，·－·······～．········～·········．·····················．..．····～····一l I,Auditor&5 Opinion．·，！···，，··，·，·····················，·····················，··，，··········，···，一3 二、贝才务报表及财务报表附注·······，,,～···············，····，··‘················，··，，··……5 1 1 .Financial Statements and Notes to the Financial Statements.．…，,.．……5 （一）资金平衡表·············，，················，····－············～·····，·，···，············，···……5 1 .Balance Sheet．…，.....．……，.，二，..-.．……，,.．…，,．…，.．……，,..........................．……5 （二）项目进度表，，二，..．……，.．…，……，...............．……，,......．……，……，.,..．……7 11 Sommary ofS0urces and UsesofFundsbyProjectC0mponent·····……7 （三）贷款协定执行情况表，．…，..............．……，........．……，．…，.,.......．……，,10 111 .Statement of Implementation ofL0anAgreement，…，.．·．...．……，…，·……10 （四）指定账户报表．……，二，.......．……卜．.．……，…，........．……，.,...........．……，.,.11 iv.De幼gnated Account Statement二，.,...................................．……，.....．……，抓 （五）财务报表附注……，........．……，..............．……，.．…，.,..........．……，,，……12 v_Notes tothe Flnancial Statements..............．……，,&......．……，，二，.....．……，.,,15 三、审计发现的问题及建议．...........．……，,.--...................................．……19 HI.Audit Findings and RecommendationS．……，.......．··……，.．·······～······一22 一、审计师意见 审计师意见 财政部预算评审中心： 我们审计了世界银行贷款可持续发展农业项目20 19年12月31 日的资金平衡表，以及截至该日同年度的项目进度表、贷款协定执行 情况表和指定账户报表等项目特定目的财务报表及财务报表附许（第 5页至第18页）。 （一）项目执行单位对财务报表的责任 簖制上述财务报表是你单位的责任，这种责任包括二 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编 制项目财务报表，并使其实现公允反映； 2．设计、执行和维护必要的内部控制，以使项目财务报表不存 在由于舞弊或错误而导致的重大错报。 （二）审计责任 我们的责任是在执行审计工作的基础上对财务报表发表审计意 见。我们按照中国国家审计准则和国际审计准则的规定执行了审计工 作，上述准则要求我们遵守审计职业要求，计划和执行审计工作以对 项目财务报表是否不存在重大错报获取合理保证。 为获取有关财务报表金额和披露信息的有关证据，我们实施了必 要的审计程序。我们运用职业判断选择审计程序，这些程序包括对由 于舞弊或错误导致的财务报表重大错报风险的评估。在进行风险评估 时，为了设计恰当的审计程序，我们考虑了与财务报表相关的内部控 制，但目的并非对内部控制的有效性发表意见。审计工作还包括评价 所选用会计政策的恰当性和作出会计估计的合理性，以及评价财务报 表的，总体列报。 我们相信，我们获取的审计证据是适当的、充分的，为发表审计 意见提供了基础。 1 （三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会计 准则、会计制度和本项目贷款协定的要求编制，公允反映了世界银行 贷款可持续发展农业项目2019年12月31日的财务状况，以及截至 该日同年度的财务收支、项目执行和指定账户收支情况。 （四）其他事项 我们审查了本期内报送给世界银行的v认入一CBE一01号提款申请 书。我们认为，该提款申请书符合贷款协议的要求，可以作为申请提 款的依据。 本审计师意见之后，共同构成审计报告的还有两项内容：财务报 表及财务报表附注、审计发现的问题及建议。 审计籲国外贷援款项目审计服务中心 202。年6月28日 地址：中国北京市海淀区中关村南大街4号 邮政簖码：玉00086 电话：86一10一621 50750 1. Auditor's Opinion Auditor's Opinion To Budget Evaluation Center of Ministry of Finance We have audited the special purpose financial statements (from page 5 to page 18) of Integrated Modem Agriculture Development Project Financed by the World Bank, which comprise the Balance Sheet as of December 31, 2019, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement and the Designated Account Statement for the year then ended, and Notes to the Financial Statements. Project Entity's Responsibility for the Financial Statements The preparation of the financial statements mentioned above is the responsibility of your entity, which includes: i. Preparing and fair presenting the accompanying financial statements in accordance with Chinese accounting standards and system,, and the requirements of the project loan agreement; Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material rmsstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the 3 purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of Integrated Modern Agriculture Development Project Financed by the World Bank as of December 31, 2019, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the designated account for the year then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter We also examined the withdrawal application WA-CBE-01 to the World Bank during the period. In our opinion, these documents comply with the project loan agreement and can serve as basis for loan withdrawal. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations." Audit Service Center of China National Audit Office for Foreign Loan and Assistance Projects June 28, 2020 Address: No. 4 Zhongguancun South Avenue, Haidian District, Beijing, P.R.China Postcode: 100086 Tel.: 86-10-62150750 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. 4 II. Financial Statements and Notes to the Financial Statements i. Balance Sheet BALANCE SHEET 2019 4 12 f 31 H (As of December 31, 2019) ff: tid i% R ¶¾k d§: 8321-CN Project Name: Integrated Modern Agriculture Development Project Financed Loan No. :8321-CN by the World Bank Prepared by: Budget Evaluation Center of Ministry of Finance Currency Unit: RMB yuan Line Line AÄpplication of Fund Beginning Balance Ending Balance Sources ol Fund Beginning Balance Ending Balancc No. No ajrr 1 1,78.344,419 30 1,923,455,599. 16 Total Projct 27 699.955.439.66 703 808,585 8 a Pojctl Expendntures Appropriation Funds ýd Assels'rranst erred 567,779,616 67 745,627,632 85 Project Capital and Capital 28 ed_Assets_rans_erredSurpius 3 1,165,006,989 67 1, 114,96.783 9 H29- .nsruei on in Progress rotal Project Loan 4 48,557,812 96 63.635,183 12 Total Project Investment 30 1.05 1.247468.8C 1.208079.862.09 ii Expendilure Loan 5 - - r11 9 V I K 31 10 11 247 830 1208,079.862 09 esiment i an Receivahl. Foreign Loan - . 1 , POIJ.IY O4, JRHn l 4 i'i fIQi,jl'td01 udng World 13ank 6 -Including DA 32 - tent loan Receivable ppropntion f (nn5.estet r 7 P D 33 05 L247>48 80 l208,079.862.09 u Appropriation of 8 [-ehnica Cooperation ink Investimeit Loan Co- Financing uo Lupmem Losses 0 Domesi r Loan I 118,969,749.42 133,093.426 12 2. 9 111K 37 - ash iad Ink Other Loan nB 12 1 18,967,594 42 133,091.361 12 Appropriation of 38 Ine.satment Loan n Ä pec al Account 13 (.0 11.086 16 Ineluding World Bank 39 Loan 14 2, 155 00 2.065,00 40 n!! Hnd Bond Fund paid15 adee739v626 83 6.940,018 70 Construction Expendriures 41 m ato be Offset 5 갼 6 (-) fflA fi *1X ii. Summary of Sources and Uses of Funds by Project Component * 0 t&A(-) SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT * M it 1 2019 4 12 1 31 B (For the period ended Decernber 3 1, 2019) tK YýIU5`bý -åk 614ýtk Rtufl, ý), 12 9r Att -'v : 832 l -CN :,:1 Kirne: Integrated Modern Agriculture Deve[opinent Project Financed Loan No. :83 21 -C N World Bank TA 51:X - -u f-, rfi * fj7: A K rfl t by: Budget Evaluation Center of M inistry of Finance Currericy- ljnit: RMII yvan Currenl Period Cumulaýive 41 Wl ý l k,1 ý,j! 4ý ffi 5,-, t- ý,551 Curreni Period Curreni Period Current 11 l SCPýj 01 cumulallve,ýý Budgel Ac Ual Pehod Lit'c of PAD Comulative completed Coinpleled 160.78 ý,539 44 2,038,713,643,14 1.911,984 447 9fl 94%, L! 156,832,393,29 1,324,1 l 5,21-2,81 1,209,079Y62.09 91% innernalinna. mancing `JIKV 156.832.393.29 1.324,115,2-22 81 1.208.079962 Oc) 91% ý,949.146 15 714,508.420.33 703,904 585 Si 994/b rmým Financing 3,000 00 26,382,944ý33 525.021,919 11 T aw iffi funds 142,00000 33.456,6% 00 31,94TS00 00 c,el financial funds -2,436,435 70 33,467,900 00 -12,3 2 1 A3,4 3(ý 97% 6,240,581 85 1-11,290,880.00 l 14.6 l 40 94% .,p -ali(311"1 huld, 142.111.179 ý6 2,03 8,713,643 < 14 1,923,4ý5599 1(, 94% )Jcct C't>nlponellt) ýý,d '-.ricultkirc 86,35;,532 05 1,334.233.146 M 1162p70.3.18 68 95% 1-ill,ro,ement 27.042,679 20 429319.809.02 388,338,786 59 ý4CA 0 1,11 lle-Sili,,)rl ii ',tv-ighening 7,375,520 59 165,438,902,34 122,453,254 76 74ý vii 6.0607179 54 105,89 1,294 45 86,375,109 68 87 -m support 3.630,490.47 -11.059.5CO.00 r,, t ýýnd fbe in adNancc change Gain4 or I 5-iM,268 48 6OJ58.599.4ý J 7 CurrentlLPied Cunuiative ,t N2 WjüM t#9JIJRT V,ål .I (~~urrenti IN I Yil th ~ 'ùhL CuTTent Period CurTTen Perd Cumulatve % ildget Actual enPed % fe of PAD CumIulatave Atual rilc completed1 ne-67(.35958 - -11,471,15 1 26 ne in Receivables - -4,799.608 13 ()940,018 70 n in Payables 9.540,5386 -150,5 13,102.5 ne m Cash and Bank 14.123,676 70 133.093.426 12 -194,292 85 991,49353 8 э i i (.., Г.1 +С 7 � � С Р о0 .�,� _ - ы M1 �.. �- С ==� а г3 ..:.ии " � е �с -и. >! . � с г� .' и �с .а � W � � � �. ,. . �• .е , , а l� v ^? м '" д` � � г�' �_ -...йГ' 6 лЭ � .'3 п �'з -• i - R �j � С[Т.у� � � 1 1�0. � т С` 4, � n х, м ГА С'�] М `�.. 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Special Account Statement _fc,ý7 DESIGNATED ACCOUNT STATEMENT * kl M äý 2 0 l 9 3ý l 2 ý] 3 l B (For the period ended December 3 1. 2019 Tý7 Fi ýt C: t TK ýK ýt k Ik -41 * Mý & K 5ý Lý JA 12 )T- P iK- :ý7T 4 Vfz: 41 fs ive `i ý h - ProJect Narne: Integrated Modern Agriculture Development Depository Bank: China CITIC Bank Projlect Financed by the World Bank Beijing Branch, Beijing, China 8321-CN gk`ý;8110714013201716186 Loan No. :832 1 -CN Account No: 8110714013201716186 ýfl fz 9 ýt: C ýÅÄ ý1ý Y;I JK ilý f ý t ,1ý # ffi *1wý - k Jt Preparedby: BudgelEvaluationCenterofMinistryofFinance Cýrency Unit: USD Pan A-Account Actixity for the period Amount - gi 2019,1 111 0.00 BCý,inninL' add: t+ý 71,- 1 ý t 20.000.000,00 Tmal wnounl deposited hy World Bank , ý Ä ý, ý Pý, lk Å,ýý Ä ýt 4, p fs 1.203.47 l oial interest camed (Iiis period if depusited in Designaled Account ýÅI,IL' Dedtiet: t PA J7- Fotal amount wilhdra\vn 19.999.6()6.33 4_ r- 'x- 11,1 ,-,, P] 1c17, M Ä - _A fy cf p C AR -ý- k ! 8.00 Votal -,crvicc changes ifnot included in above amouni withdrawn 91 * ýý Y7ý, (2019/12/3 l ) 1,589.14 Ending haluce (DeeJ 112019) B 4 4),: ký 2c C, p A- 17 Part B-Accouill Reconciljation Amount l 20.000.000.00 Anlouni advanced by World Bank 9 Deduct: 90.000.000.00 OutstandinL amount udvanced to the Specia[ Account at (12/3112019) 3. P 1,589.14 Ending balance () f Designated Account at (123 1,11-019) md: 4, Ajk :ý -4, 101 JM Ä, fq ffij -k 1ý V 1, 19,999.606.,-,.-, Amouni witlidrawii but vet elaimed ý- ý0 T, il -t ffi c,iiinulative service charges 8,00 Deduct: 6.,fjj 9_ LIkA ( 4 Aj F2 t NK p N11 1, 201,ý - Inlerest ear:,,J (il ineluded in Designated Account) 90.000.000.01 Total aii,,ariut: to Designaled Account at (12/3172019) （五）财务报表附注 财务报表附注 1．项目概况及说明 利用世界银行贷款可持续发展农业项目贷款协定和项目协定于2014 年2月27日签订，2014年5月21日项目正式生效，项目计划执行期5 年，追溯期自2013年5月31日起。2019年12月31日关闭贷款账户。 本项目涉及辽宁、江襼、湖南、重庆、新疆、甘肃6省（自治区、直辖币） 33个县（区），以及国家农业综合开发办公室本级。项目的主要内容为 建设9.4万公顷高标准农田，中期调整后计划建设9.65万公顷高标准农田。 项目的主要目标是按照发展现代农业的要求，采取适应气候变化和节能减 排等措施，加强农田基础设施建设，构建技术支撑与服务体系，改善农业 生态环境，提高农业综合生产能力。 2017年12月项目中期调整后总投资为人民币20,3亿元，其中世行贷 款2亿粎元，折合人民币13.2亿元；地方财政资金配套人民币5.9亿元； 农民自筹人民币1.2亿元。2亿粎元世行贷款由中央财政统借统还，配套 资金执行国家农业综合开发相关政策。 由于国家机构调整，原财政部国家农业综合开发办公室并入农业农村 部，原国家农业综合开发办公室中国家农业综合开发评审中心的‘、负责对 农业综合开发利用外资项目（含世行、亚行、赠款等项目）实施管理和监 督”的职责划转给财政部预算评审中心。2019年5月，项目法律文本中国 家项目办正式更改为财政部预算评审中心。2019年8月，财政部预算评 审中心开设项目专用账户。2019年11月，世行批准项目延期至2020年12 月31日关账。 2．主要会计政策 2注本项目会计核算按照权责发生制的原则核算，采用借贷记账法记 账 12 2.2会计核算采用公历制，即从公历每年1月1日起至比月31日止。 本报表核算期间为2019年！月1日至2019年12月31日。 2,3本财务报表簖制按照《世界银行贷款可持续发展农业项目管理办 法》文件执行。 2.4本项目财务报表期末余额的折算汇率为：1美元一人民币6,9762 元。会计核算以人民币为记账本位币。 2.5项目实施过程中结汇的汇率以当日国家外汇管理局公布的汇率 进行核算。 3．财务报表编制范围 3.1本项目指定账户报表由财政部预算评审中心编制。 3.2汇总的财务报表范围：财政部预算评审中心、辽宁省财政厅、江 襼省农业综合开发办公室、湖南省农业农村厅、重庆市农业农村委员会、 新疆维吾尔自治区农业农村厅及甘肃省财政厅的财务报表。 4．指定账户使用情况说明 4,l世界银行贷款可持续发展农业项目在中信银行北京分行营业部设 立指定账户进行项目资金收支核算，账号为81 IO7140132m716186。 4.2指定账户期初余额为0.00粎元，本期收到项目周转金20 000 000.00粎元，本期支付总额1 9 999 606.33美元，银行手续费8.00美元， 银行存款利息收入1 203.47粎元，指定账户期末余额为1 589.14美元。 5．配套资金落实情况 截至2019年12月31日，累计落实配套资金人民币703 904 585.81元， 占累计应到位配套资金的99％。 6．贷款协定执行情况说明 截至2019年12月31日，项目累计向世界银行提款口3 17 1 620.94 ；粎元，累计折合人民币！208 079 862刀9元。其中支付先征费500 000.00 13 粎元，折合人民币3 488 100.00元。 ,．财务报表重要事项说明 7.1“货币资金合计”项目反映各级项目单位银行存款和现金余额，期 末余额为人民币133 093 426注2元，其中银行存款期末余额为人民币133 09!361.!2元、库存现金人民币2 065.00元。 7．妙项目支出合计”项目反映各级项目单位累计项目建设支出及其他 支出余额。期末余额为人民币1923455599.16元，其中：项目建设支出 一交付佼用资产余额人民币745 627 632名5元、项目建设支出一在建工程 余额人民币曰14 1 92 783.19元、其他支出余额人民币63 635183.12元。 7.3“预付及应收款合计”项目反映各级项目单位实际已预付的款项， 期初余额为人民币11 739626.83元，期末余额人民币6940018刀0元。 74“项目拨款合计”项目反映各级项目单位收到的各种不需要偿还配 套资金，包括财政配套资金和项目受益单位和个人的投入。本项目根据 “拨入省级财政资金”、“拨入地级财政资金”、“拨入县级财政资金”和“自 筹资金簴入”等科目的期末余额合计填列，期初余额为人民币699 955 439.66元，期末余额为人民币703 904 585.81元。 7.，项目借款合计”项目反映各级项目单位收到的世界银行贷款。期 初余额为人民币1051247468.80元，期末余额为人民币1208079862刀9 兀“ 7石“应付款合计”项目反映各级项目单位实际应付的款项，期初余额 人民币160 053 686碑l元，期末余额人民币150513 102,55元。 7.7“留成收入”反映项目各级项目单位银行存款的利息、合同索赔收 入、财产的盘盈等款项，期初余额人民币797 200.68元，期末余额人民币 991493 .53元。 以 l 】 v. Notes to the Financial Statements Notes to the Financial Statements 1. ProJect overview The loan and project agreement for Integrated Modem Agriculture Development Project financed by the World Bank was signed on February 27, '2014 and carne into effect on May 21, 2014. The planned period of the project implementation is 5 years. The retrospective period started on May 31, 2013. The closing date of project account will be December 31, 2019. This project involves 33 counties (districts) in 6 provinces (autonomous region, municipality) including Liaoning, Jiangxi, Hunan, Chongqing, Xinjiang, Gansu and the former State Office for Comprehensive Agricultural Development (hereafter referred to as State OCAD). The main contents of the project is to construct 94 000 hectares of high-standard farmland (96 500.00 hectares after the mid-term adjustment). The main objectives of the project are through the adaptation of climate change and energy conservation and other measures, strengthening the agricultural infrastructure construction, building technical support and service system, improving the ecological environment of agriculture and increasing agricultural production capacity in accordance with the requirements of the development of modem agriculture. The total investment after the mid-term adjustment on December 2017 was RMB 2.03 billion yuan, of which the World Bank loan was USD 0.2 billion, equivalent to RMB 1.32 billion yuan; local financial funds RMB 590 million yuan; and farmers self-raised funds RMB 120 million yuan. The World Bank loan of USD 0.2 billion was borrowed and repaid by the central government, and the matching funds would be used to implement the national comprehensive agricultural development policy. As a result of institutional adjustments, former state OCAD was merged into Ministry of Agriculture and Rural Affairs of the People's Republic of China. Its responsibility of "managing and supervising comprehensive agricultural development projects utilizing foreign funds (including World Bank, ADB, grants and other projects)" was transferred to the Budget Evaluation Center of the Ministry of Finance (hereinafter referred to as "BECMF"). In May 2019, the National Project Management Office was officially changed from former state OCAD to BECME In August 2019, BECMF opened Designated Account. In November 2019, the closing date of the account was postponed to 15 December 31, 2020, approved by the World Bank. 2. Major accounting policies 2.1 The accrual basis and the debit/credit double entry bookkeeping method are adopted. 2.2 This project's accounting fiscal period uses the Gregorian calendar, which is from January 1 to December 31. The reporting period is from January 1, 2019 to December 31, 2019. 2.3 The preparation of the financial statements complies with Regulations for Management of Integrated Modem Agriculture Project. 2.4 The exchange rate of the closing balance of the financial statements of this project was: USD I = RMB 6.9762 yuan. RMB was the accounting currency unit. 2.5 During the implementation, the exchange rate adopted was the spot exchange rate published by the State Administration of Foreign Exchange when the project activities occurred. 3. Scope of preparation of financial statements 3.1 The special account statement of this project is prepared by BECMF. 3.2 The consolidation scope of financial statements covers the financial statements of BECMF, Liaoning Provincial Finance Development , Jiangxi Agricultural Comprehensive Development Office, Hunan Agricultural and Rural Department, Chongqing Agricultural and Rural Committee, Xinjiang Uygur Autonomous Region Agricultural and Rural Department and Gansu Provincial Finance Department. 4. Notes to the Designated Account 4.1 The Designated Account of the Integrated Modern Agriculture Development Project Financed by the World Bank was set up in Beijing branch of China CITIC Bank. The account number is 8110714013201716186. 4.2 The opening balance of the designated account was USD 0.00, the amount deposited by the World Bank was USD 20 000 000.00, the total payment was USD 19 999 606.33, the bank handling fee was USD 8.00, the interest income 16 was USD 1,203,47, and the ending balance was USD 1 589.14. 5. Notes to the Counterpart fund As of December 31, 2019, the accumulative counterpart fund was RMB 703 904 585.81 yuan, accounting for 99% of the planned amount. 6. Notes to the implementation of Loan Agreement As of December 31, 2019, the accumulated loan received from the World Bank was USD 173 171 620.94, equivalent to RMB 1 208 079 862.09 yuan (including front-end fee of USD 500 000.00, equivalent to RMB 3 488 100.00). 7. Notes to Main Items of the Financial Statements 7.1 Cash and Bank Cash and Bank reflects the balance of deposit and cash in all project entities. The ending balance was RMB 133 093 426.12 yuan, of which the ending balance of Cash in Bank was RMB 133 091 361.12 yuan and the ending balance of Cash on Hand was RMB 2 065.00 yuan. 7.2 Project Expenditures Project Expenditures reflects the accumulative amount of project construction expenditure and the other expenditures of all project entities. The ending balance was RMB 1 923 455 599.16 yuan, of which the fixed assets transferred was RMB 745 627 632.85 yuan, construction in progress was RMB 1 114 192 783.19 yuan, and other expenditure was RMB 63 635 183.12 yuan. 7.3 Prepaid and Receivable Prepaid and Receivable reflects all funds which all project entities should receive or have actually paid in advance. The opening balance was RMB 11 739 626.83 yuan and the ending balance was RMB 6 940 018.70 yuan. 7.4 Total Project Appropriation Funds Project Appropriation Funds reflects all gratis counterpart fund that the project offices received, which includes the fiscal counterpart fund and the fund invested by the benefited units and individuals. The subject reflects the total balance of subjects of "Allocation at Provincial level", "Allocation at City Level", "Allocation at County Level" and "Self-financed Fund" accounts at the end of the period. The opening balance was RMB 699 955 439.66 yuan 17 and the ending balance was RMB 703 904 585.81 yuan. 7.5 Foreign Loan Foreign Loan reflects the World Bank loan received by all project entities. The opening balance was RMB 1 051 247 468.80 yuan, and the closing balance was RMB 1 208 079 862.09 yuan. 7.6 Payable Payable reflects payable funds that all project entities actually unpaid. The opening balance was RMB 160 053 686.41 yuan and the closing balance was RMB 150 513 102.55 yuan. 7.7 Retain Earnings Retain Earnings reflects funds including the interest earned from the bank deposit, income from contract claims, inventory profits of all levels project unit and so on. The opening balance was RMB 797 200.68 yuan, and the closing balance was RMB 991 493.53 yuan.