7 votes

Nearly 1,200 Chinese Companies Caught Falsifying Financials in 2018

1 comment

  1. JamesTeaKirk Link

    The National Statistics Bureau of China, an agency of the State Council of the People's Republic, has found that 1,195 companies and 2,775 investment projects falsified their books by overstating their earnings or hiding losses.

    The statistics, circulating this week on Chinese media, showed that the National Statistics Bureau verified the financials of 2,051 enterprises and 2,942 investment projects between January and April this year. Altogether, nearly 80 percent of the scrutinized records were found to contain falsities.

    As a result of financial fraud, earlier this year, Tianjin's Binhai New District, where the Lingang Economic Zone is located, adjusted its 2016 regional GDP to 665.4 billion yuan ($102.8 billion), from previously reported 1,000.2 billion yuan, as reported by Caixin.

    2 votes