STRUCTURAL AND CULTURAL PROBLEMS EMBED FRAUD IN CHINA’S HUGE EMERGING ECONOMY
March 1st, 2008
BY MARK GODFREY, in Beijing
THE DAILY deluge of crime reports in China's press indicates that corruption and fraud are not only still rife in the country they are most acute where government regulatory bodies hand out business licences and approvals to state-owned firms. Over 16% of China's GDP is lost each year to fraud and embezzlement, compared to 4% in the USA, according to ChinaWhys, a local fraud examination company.
Transparency International rates China at number 72 (on a score of 3.5 out of 10) on its 2007 international Corruption Perception index, ...
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