An official audit report published on Friday said that 18 of the 20 state-owned firms that were audited have in recent years inflated their revenues by more than 200 billion yuan (US$29 billion) and boosted their profits by 20 billion yuan with faked business and manipulated books.
The companies audited include China National Petroleum Corporation, China State Shipbuilding Corporation and Sinochem Group.
Much of China’s spectacular growth has been fuelled by lending.
Lu Zhengwei, chief economist from Industrial Bank, said that although the fake profits only accounted for a small proportion of total takings at the country’s state-owned entities – less than 2 per cent – it showed the problems they had deleveraging.
中国广东暴雨持续 深圳发暴雨“红色警报”
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中国南部人口密度高、经济发达的珠江三角洲地区因连日持续的创纪录降雨,使当地一些城市遭受洪灾。 路透社报道说,自 […]...
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