Where are all the money spent by government financing companies?

Local governments and their departments and agencies. According to Baidu Encyclopedia, government financing platform companies are established by local governments, their departments and institutions, and affiliated institutions. Through financial allocation or injection of assets such as land and equity, it has the function of investment and financing of government public welfare projects. Local government investment and financing platform refers to companies established by local governments at all levels with financing as the main business purpose, including different types of urban construction investment, urban construction development, urban construction assets companies and other enterprises (institutions) as legal persons.