CHINA’S FOCUS ON ECONOMIC GROWTH ALLOWS FRAUD TO GO UNDETECTED AND UNPUNISHED
September 1st, 2011
BY MARK GODFREY
AS CHINA'S economy grows, financial fraud seems to be feeding off this wealth. Respected scholars Professor Hu Angang at Tsinghua University in Beijing, and prominent Chinese economist Fan Gang have said around 16% of GDP is lost to white-collar crime in China. This compares with a fraud rate in the USA estimated by the Association of Certified Fraud Examiners at around 4-5% of American GDP.
According to Peter Humphrey, managing director at Shanghai-based fraud prevention consultancy ChinaWhys, fraud in China is roughly four times as prevalent as ...
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