Jiangxi Provincial Audit Office of the People's Republic of China Audit Report $*1)F# * #K 20191) 9 -T GAN AUDIT REPORT (2019) No.9 Project Name: Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank & #: 8704-CN Loan No.: 8704-CN Project Entity: Jiangxi Urban Construction Foreign Fund Utilization Office 4il'81: 2017 # 1 A 1 H] 2018 * 12 A 31 I Accounting Period: January 1, 2017 - December 31, 2018 目录 CO ntents 一、审计师意见．.........................................................．····································……1 1 .Anditor&5 opinion.........．·············································································……3 二、财务报表及财务报表附注．....................................................................．……5 n .Financial Statemenis and Notes to the Financial Staternents...................．……5 （一）资金平衡表．.................................．·················································……5 1 .Balance Shect......................................................................................．····……5 （二）项目进度表．...................................．···············································……7 11.Summary of Sources and Uses ofFunds by Project Component··········……7 （三）贷款协定执行情况表．..................................................................．……9 111 .statement oflmplementation ofL0anAgreement...............................．……9 （四）专用账户报表．............................................................................．……10 iv.Special Accouni statemeni.................................................................．……10 （五）财务报表附注．............................................................................．……12 v.Notes to the Financial Statements.......................................................．……16 三、审计发现的问题及建议．....................................................................．……21 m .Audit Findings and Recommendations··················································……27 一、审计师意见 审计师意见 江襼省城镇建设利用外资办公室： 我们审计了世界银行贷款江襼鄙阳湖流域重点城镇污染综合治理与生 态安全改善项目2018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专用账户报表等特定目的财务报表及 财务报表附注（第5页至第20页）。 （一）项目执行单位及江襼省财政厅对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表、贷款协定执行情况 表及财务报表附注是你办的责任，簖制专用账户报表是江西省财政厅的责 任，这种责任包括： (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，并佼其实现公允反映。 (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簖制，公允反映了世界银行贷款江西鄙 阳湖流域重点城镇污染综合治理与生态安全改善项目2018年12月31日的 财务状况，以及建账以来截至该日的财务收支、项目执行和专用账户收支 情况． （四）其他事项 世界银行贷款江襼鄙阳湖流域重点城镇污染综合治理与生态安全改善 项目建账以来至2018年u月31日未向世界银行申请提款。 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。 中华沁、井未＊、命潇计厅 竺岁年E&&&.‘早户 地址：江襼省南昌市叠山路209号 邮政簖码：330006 电话：D791一86817626 传真：0791一86823311 2 1. Auditor's Opinion Auditor's Opinion To Jiangxi Urban Construction Foreign Fund Utilization Office We have audited the special purpose financial statements (from Page 5 to Page 20 )of Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank, which comprise the Balance Sheet as of December 31, 2018, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement and the Special Account Statement for the year then ended, and Notes to the Financial Statements. Project Entity and Jiangxi Provincial Finance Department's Responsibility for the Financial Statements The preparation of the Balance Sheet, the Summary of Sources and Uses of Funds by Project Component and the Statement of Implementation of Loan Agreement and Notes to the Financial Statements is the responsibility of your entity, while the preparation of the Special Account Statement is the responsibility of Jiangxi Provincial Finance Department, 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; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, 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 entities' preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but 3 not for the 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 Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank as of December 31, 2018, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the special account for the year then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank has not applied for withdrawal from the World Bank by December 31, 2018. 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. Jiangxi Provincial Audit Office of the People's Republic of China June 25, 2019 Address: No. 209 Dieshan Rd., Nanchang City, Jiangxi Province, P.R.China Postcode: 330006 Tel.: 86-791-86817626 Fax: 86-791-86823311 The English translation is for the convenience of report users; please take the Chinese audit report as the only official version. 4 二、财务报表及财务报表附注 11 .Financial Statements and Notes to the Financial Statements （一）资金平衡表 1 .Ba!anCe Sheet 资金平衡表 日ALANCE SHEET 本期截至2018年12月31日 (As of December 31,2018) 项目名称：世界银行贷款江襼都阳湖流域重点城镇污染综合治理与生态安全改善项目 Project Name:Jiangxi Poy助9 Lake Basin Town Water EnVironment Management Project Financed妙the从勺rld Bank 簖报单位：江襼省城镇建设利用外资办公室货币单位：人民币元 Eniity Name:Jiangxi Urban ConstrUction Foreign Fund Util抢ation office Currency Unit:RMB Yuan 二 5 VE &ffl IT& mvift M*# VE5k*9 VYX Vuft M*t Application offund Line Beginning Balance Ending Balance Sources of Fund Line Beginning Balance Ending Balance No. No. V91 ±941ARWRX Cash in Bank 13 0 59,273,600.42 Appropriation of Investment 40 Loan APP: -V)44)FKPVA 14 30,424,882.06 Arp: 41 Including: Special Account 0 Including: World Bank Loan 2. X& H, LNVIWO*1& is 42 Cash on Hand Bond Fund 16 Construction Expenditures to 43 Total Prepaid and Receivable be offset A+: a,, -tl rVfa-Aff Including: World Bank Loan 17 Total Payable 44 0 3,263,741.00 Interest Receivable World Bank 18 Including: World Bank Loan 45 Loan Commitment Fee Receivable Interest Payable R qklffRa" r ffl 9 In, f1t1VRa*i4V World Bank Loan Service-Fee 19 World Bank Loan Commitment 46 Receivable Fee Payable ;h*i!E6 Marketable 20 World Bank Loan Service Fee 47 Securities Payable A, A, Z M*it 21 48 Total Fixed Assets Other payable FMZVV1w* All -L&&)Q1* 22 49 Fixed Assets, Cost Appropriation of Fund 9: X FVIH +1 MR&A Less: Accumulated Depreciation 23 Retained Earnings so 0 11,033.63 24 51 Fixed Assets, Net AVV193M 25 52 Fixed Assets Pending Disposal 26 53 Fixed Assets Losses in Suspense 27 0 93,261,483.36 54 0 93,261,483.36 Total Application of Fund Total Sources of Fund （二）项目进度表 1 1.Summary of Sources and Uses of Funds by Project Component 项目进度表（一） SUh4MARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENTI 本期截至2018年12月31日 伊or the period ended December 31,2018) 项目名称：世界银行贷款江襼都阳湖流域重点城镇污染综合治理与生态安全改善项目 Project Name:Jlangxi Poyang Lake Basin TO研mw滋er Environment Management Project Financed by the认七rld Bank 簖报单位：江襼省城镇建设利用外资办公室货币单位：人民币元 亨立寻 7 A H a A *(=) SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT 11 *A;A 12018 * 12 )1 31 H (For the period ended December 31,2018) VHt#: Project Name: Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank A # * 1:L: Z -ffl I A 4AA ik)m A] F ikt- 2 J TV * 11: )" R IV t Entity Name: Jiangxi Urban Construction Foreign Fund Utilization Office Currency Unit: FJV1B Yuan JAH3UB Project Expenditure R T- V P4 fIr Project Component X F Asset Transferred ;(EATAM *S#14 Grand Total IN 5i rt ill okmlrxill )E&5fy" A391fill Work in Progress Construction Investments Fixed Asset Current Asset Intangible Asset Deferred Asset Expenditures Transferred-out 1. bn 4K x PE m xxv 3m Institutional 3,385,146.00 3,385,146.00 Strengthemng for Water Management 2. *AMA *5F* kAWPEt AV5* '9 A A * Lake and River Restoration and Improvement of Sewage Management 3. W A it JA Improvements in Solid Waste Management 4. * H 5: A 3V 4 Project 25,225,453.28 25,225,453.28 Implementation Support 5. # iA M 2 A V A Interest of Loan 65,004.23 65,004.23 During Construction Period 6. E;EV Front-endFee 2,450,325.00 2,450,325.00 7.*i;6V Commitment Charges 2,741,186.00 2,741,186.00 8.EAMA Exchange gain or loss 120,768.43 120,768.43 frit Total 33,987,882.94 33,987,882.94 iii. Statement of Implementation of Loan Agreement STATEMENT OF IMPLEMENTATION OF LOAN AGREEMENT *AA9 2018 * 12 A 31 E (For the period ended December 31,2018) Project Name: Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank A §t * IL f AAi) 1& ft A 9!~~$ *fWL: *JYr/AK-FP';t Entity Name: Jiangxi Urban Construction Foreign Fund Utilization Office Currency Unit: USD/RMB Yuan Loan Amount (Current-pe iod Withdrawals) (Cumulative Withdrawals) Category )J(USD) XA(USD) MA,ri(RMB) 9Z(USD) VkAA f(RMB) I.JAHR , +_3kJ5R , $ fl4. £# iBflW4. Wi1M#& 19 149,625,000.00 I* **1if M Goods, works, non-consulting services, output-based payments, Incremental Operating Costs, Training and Workshops and consultants services fo the project 2.VfiER Front end fee 375,000.00 375,000.00 2,573,700.00 375,000.00 2,573,700.00 3.-VfiKP Special Account 5,000,000.00 34,316,000.00 5,000,000.00 34,316,000.00 Ai Total 150,000,000.00 5,375,000.00 36,889,700.00 5,375,000.00 36,889,700.00 9 ( U9) *4l ip4K1* iv. Special Account Statement SPECIAL ACCOUNT STATEMENT tA;1 R 2018 * 12 A 31 H (For the period ended December 31,2018) $ #: £A i }i&#: 14983214040000059 AccountNo.: 14983214040000059 Project name: Jiangxi Poyang Lake Basin Town -9#A##k #: 8704-CN Water Environment Management WorldBankLoan: 8704-CN Project Financed by the World Bank *U: 7Pikfft*: Akaff*r%$t Currency:USD Depository Bank.: ABC, Nanchang Jingcai Branch 94R1: Z94ikT Prepared by: The Finance Department of Jiangxi Province Part A: Account Activity for the Period Amount 0.00 Beginning Balance ±911 Add: 5,000,000.00 Total amount deposited by World Bank *WP1@qkA9V (4XffiNlkpfl ) 1,054.39 Total Interest earned this period if deposted in Special Account Total amount refunded to cover ineligible expeditures X/,> Deduct 567,993.28 Total amount withdrawn 15.00 Total service charges if not included in above amount withdrawn 4,433,046.11 Ending balance 10 B %3#: flPiAV Part B: Account Reconciliation 5,000,000.00 Amount advanced by World Bank M Deduct 2fF 0.00 Total amount recovered by World Bank 5,000,000.00 Outstanding amount advanced to the Special Account at month/day/year 4,433,046.11 Ending balance of Special Account at month/day/year 1VP1 add: Amount claimed but not yet credited at month/day/year Application no. Amount 567,993.28 Amount withdrawn but not yet claimed 7. N.* *I FV-ti (AQ**T!E5fU6 P) 15.00 Cumulative service charges ( if not included in item 5. Or 6) 2&I Deduct: 8. fU.AkA (WAtfflPE4M) 1,054.39 Interest earned ( if included in Special Account) 5,000,000.00 Total advance to Special Accounted for at month/day/year 11 （五）财务报表附注 财务报表附注 1．项目情况 世行贷款江襼都阳湖流域重点城镇污染综合治理与生态安全改善 项目贷款号为8704一CN，旨在为减少流入重点水域的污染物，提高江西 省都阳湖流域重点项目县水质管理能力的项目建设目标。该项目的项目 协议、贷款协定于2017年6月6日签订，2017年10月13日项目正式 生效，贷款关闭日为2022年12月31日。项目计划总投资为人民币 145 147.73万元，其中世界银行贷款 15000万美元，折合人民币99000 万元。 1.1项目区分布 九江、上饶、宜春、吉安和萍乡5个设区市的7个县，即：九江市 的都昌县、上饶市的都阳县和余干县、宜春市的靖安县和奉新县、吉安 市的吉水县、萍乡市的上栗县实施。 1.2项目投资安排 项目计划总投资145 1 47.73万元人民币，其中世行贷款1 5000万美 元（折合人民币99000万元），占计划总投资的68.2%，国内配套资金 46147.8万元（约合6992.09万美元），占计划总投资的31.8％。其中： 子项目A加强都阳湖流域管理子项目投资16294.2万元人民币（约 合2,468.8万粎元），占总投资的n .2%; 子项目B修复河湖水环境以及提高生活污水管理系统子项目投资 9938 1 .4万元人民币（约合1 5057.8万美元），占总投资的68.5%; 子项目C固体垃圾收集转运系统子项目投资19722.5万元人民币 （约合2988.3万粎元），占总投资的13.6%; 子项目D项目实施支持子项目投资3672万元人民币（约合556.4 万粎元），占总投资的2.5%; 项目先征费247.6万元人民币（约合37.5万美元），占总投资的0.2％。 项目息费5830.1万元人民币（约合883.3万美元），占总投资的4％。 12 1.3项目建设内容 江襼都阳湖流域重点城镇污染综合治理与生态安全改善项目由12 个工程项目和项目实施支持子项目组成。 项目建设内容 二』 2．财务报表编制范围 本财务报表的簖制范围为7个项目县及省本级。财务报表由7个项 目县办公室进行簖制，最后由江襼省城镇建设利用外资办公室汇总编报。 3主要会计政策 3.1本项目财务报表按照财政部《世界银行贷款项目会计核算办法》 （财际字（2000〕13号）的要求编制。 3.2会计核算年度采用公历年制，即公历每年1月1日至12月31 日。 3.3本项目会计核算以“权责发生制”作为记账原则，采用借贷复 式记账法记账，以人民币为记账本位币。 13 4．报表科目说明 4.1项目支出 本期项目支出人民币33,987,882.94元，累计支出人民币 33,987,882.94元，占总投资计划的2.3％。其中： 子项目A加强都阳湖流域管理子项目支出人民币3,385,146.00元， 占子项目A总计划额的2.1%; 子项目B修复河湖水环境以及提高生活污水管理系统子项目支出 人民币0元，占子项目B总计划额的0%; 子项目C固体垃圾收集转运系统子项目支出人民币0元，占子项目 C总计划额的0%; 子项目D项目实施支持子项目支出人民币25,225,453.28元，占子 项目D总计划额的68.7%; 支出项目先征费人民币2,450,325.00元（约合37.5万美元），占 该类计划的99%; 建设期贷款利息及扼诺费人民币2,806,190.23元，占该类计划的 59%; 汇兑损益120,768.43元。 4.2货币资金 截至2018年12月31日货币资金余额为人民币59,273,600.42元， 其中专用账户存款折合人民币30,424,882.06元。 4.3预付及应收款 截至2018年12月31日余额为人民币0元。 4.4项目拨款 截至2018年12月31日余额为人民币53,097,008.73元，主要是 省、县各级到位的配套资金。 项目计划配套资金总额人民币461,478,000.00元，截至2018年12 月31日到位配套人民币53,097,008.73元，占计划的n.5%o 4.5项目借款 14 截至2018年12月31日余额为人民币36,889,700.00元，其中： 国际复兴开发银行贷款额为5,375,000.00美元，折合人民币 36,889,700.00元。 截至2018年12月31日，累计提取世界银行贷款资金5,375,000.00 粎元，占贷款总额的3.58％。其中：土建工程、货物、咨询服务和培训 类累计提款O粎元，占该类计划的0%；先征费本金化375,000.00美元， 占该类计划的100％。 4.6应付款 截至2018年12月31日余额为人民币3,263,741.00元，主要是应 付咨询费。 4.7留成收入 截至2018年12月31日余额为人民币11,033.63元，主要是银行 存款利息。 5．专用账户使用情况 本项目贷款专用账户设在农业银行南昌金财支行，账号为 14983214040000059，币种为美元。2018年7月15日专用账户首次存款 5,000,000.00粎元。2017年年初余额为。美元，本期回补。美元，利 息收入为1,054.39粎元，本年度支付567,993.28美元，年末余额 4,433,046.11美元。 6．汇率采用情况 按照中国人民银行2018年12月28日汇率，即1美元＝人民币 6 .8632元。 7．其它需要说明的事项 7.1本项目是从2017年1月开始建账，但在此前发生的与项目有关 的费用，如：可研报告簖制费、环境评价报告编制费等费用一并在2017 年度内进行核算。 7.2本期报表所属年度为2017年1月1日至2018年12月31日。 15 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project Overview Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank (8704-CN) aims to reduce the pollutant discharge into selected waterways and improve the management of water quality in selected counties in the Poyang Lake basin in Jiangxi Province. The Project Agreement and the Loan Agreement were signed on June 6, 20179 became effective on October 13, 2017, and is expected to be closed on December 31, 2022. The total planned investment of the project is RMB 1,451,477,300 yuan,, of which the World Bank loan is USD 150 million, equivalent to RMB 990 million yuan. 1. 1 Proj ect Areas The 7 project counties are: Duchang County in Jiujiang City, Poyang County and Yugan County in Shangrao City, Jing'an County and Fengxin County in Yichun City,, Jishui County in Ji'an City and Shangli County in Pingxiang city. 1.2 Project Investment The total planned investment of the project is RMB 145,147,300 yuan, of which the World Bank loan is USD 150 million (equivalent to RMB 990 million yuan), accounting for 68.2% of the total plan, and the domestic counterpart ftmds are RMB 461.78 million yuan (about USD 69.299 million), accounting for 31.8% of the total plan. Among them: " RMB 16,294,200 yuan (about USD 246.88 million) for Subproject A Institutional Strengthening for Water Management, accounting for 11.2% of the total investment; " RMB 993,814,000 yuan (about USD 150,578,000) for Subproject B Lake and River Restoration and Improvement of Wastewater Management, accounting for 68.5% of the total investment; " FMIB 197.225 million yuan (about USD 29.83 million) for Subproject C Improvements in Solid Waste Management, accounting for 13.6% of the total investment; " RMB 36.72 million yuan (about USD 5.564 million) for Subproject D Project Implementation Support, accounting for 2.5% of the total investment; 16 * RMB 2,476,000 yuan (about USD 375, 000) of front-end fee, accounting for 0.2% of the total investment; * RMB 58,301,000 yuan (about USD 8,833,000) of interests, accounting for 4% of the total investment. 1.3 Project Activities Jiangxi Poyang Lake Basin Town Water Environment Management Project Financed by the World Bank is comprised of 12 engineering projects and subprojects of project implementation support. No. Subprojects Project activities Establishment of the lake management platform (LMP); establishment of water Subproject A environment monitoring system in 7 1 Institutional Strengthening counties; enhancement of sustainable for Water Management water environment management; studies on a sensitivity assessment of Poyang Lake Subproject B . Lake nd 1~iverRestoration of the lake and river 2k R atn and environment of waterways in 3 Impetrio nt od counties; enhancement of wastewater Wastewtemaen t omanagement in 5 counties Wastewater Management Subproject C Construction of solid waste collection 3 Improvements in Solid and transfer stations in 4 counties Waste Management Subproject D Supporting the overall capacity of the 4 Project Implementation project implementing entity to coordinate, manage and supervise the Support implementation of the project 2. Consolidation Scope of the Financial Statements Consolidation scope of the financial statements covers the 7 project counties and the province. The financial statements were compiled respectively by the 7 project county offices and consolidated ultimately by Jiangxi Urban Construction Foreign Fund Utilization Office. 3. Major Accounting Policies 17 3.1 The Financial Statements of the project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project (Caijizi [2000] No. 13). 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January 1 to December 31. 3.3 The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB is used as the recording currency of bookkeeping. 4. Explanation of Subjects 4.1 Total Project Expenditures The project expenditure in 2018 was RMB 33,987,882.94 yuan, and the cumulative expenditures were RMB 33,987,882.94 yuan, which accounted for 2.3% of the total investment plan. Among them: * RMB 3,385,146 yuan on Subproject A Institutional Strengthening for Water Management, accounting for 2.1% of the total planned of Subproject A; * RMB 0 on Subproject B Lake and River Restoration and Improvement of Wastewater Management, accounting for 0% of the total planned of Subproject B; * RMB 0 on Subproject C Improvements in Solid Waste Management, accounting for 0% of the total planned of Subproject C; * RMB 25,225,453.28 yuan on Subproject D Project Implementation Support, accounting for 68.7% of the total planned of Subproject D; * RMB 2,450,325 yuan (about USD 375,000) on front-end fee, accounting for 99% of the category plan; * RMB 2,806,190.23 yuan on the loan interest and commitment fee during the construction period, accounting for 59% of the category plan; * RMB 120,768.43 yuan on exchange gain or loss. 4.2 Total Cash and Bank The balance on December 31, 2018 was RMB 59,273,600.42 yuan, of which the deposit in Special Account was equivalent to RMB 30,424,882.06 yuan. 4.3 Total Prepaid and Receivable The balance on December 31, 2018 was RMB 0. 18 4.4 Total Project Appropriation Funds The balance on December 31, 2018 was RMB 53,097,008.73 yuan, mainly the counterpart funds at county and provincial levels. The planned counterpart funds are RMB 461,478,000 yuan. By December 31, 2018, the counterpart funds in place were RMB 53,097,008.73 yuan, accounting for 11.5% of the total plan. 4.5 Total Project Loan The balance on December 31, 2018 was RMB 36,889,700 yuan, including USD 5,375,000 from IBRD, equivalent to RMB 36,889,700 yuan. By December 31, 2018, the cumulative withdrawal of the World Bank loan was USD 5,375,000, accounting for 3.7% of the total project loan, of which, USD 0 on civil works, goods, consulting service and training (0%) and USD 375,000 on front-end fee capitalization (100%). 4.6 Total Payable The balance on December 31, 2018 was RMB 3,263,741 yuan, mainly the payment of consulting fee. 4.7 Retained Balance The balance on December 31, 2018 was RMB 11,033.63 yuan, mainly the interests earned. 5. Special Account The Special Account of the project is opened in Nanchang Jincai Branch, Agricultural Bank of China, with the account No. being 14983214040000059 and USD the currency unit. On July 18, 2018, the initial deposit was USD 5,000,000. The beginning balance in 2017 was USD 0, the replenishment this year was USD 0, and the interest earned was USD 1,054.39. The disbursement this year was USD 567,993.28 and the ending balance USD 4,433,046.11. 6. Exchange Rate Adopted The exchange rate adopted in the financial statements was the exchange rate on December 28, 2018 of the People's Bank of China, which is USD 1= RMB 6.8632 yuan. 7. Other Matters 7.1 The project was launched from January 2017. The expenditures related 19 to the project, such as the compiling fee for the feasibility study report and the compiling fee for the environmental assessment report, was accounted for in 2017. 7.2 The consolidation scope of the current report covers the period from January 1, 2017 to December 31, 2018. 20