qualifications for WTO?

Jim Drysdale jimd48 at btinternet.com
Thu Dec 13 18:17:38 MST 2001


>From Jim Drysdale,

JD:  This trend seems well established.   The tendency in the west, of
course, is to turn a blind eye until the ballon goes up.
Statistics on, for example, profit, can be at best an indicator of decline.

Jim.


Thursday, 13 December, 2001, 14:25 GMT
China firms 'fake' profits
The news may deter foreign investors from putting their money in China

One in ten Chinese companies have been reporting fake profits, an annual
government survey has found.
The country's top auditor has also said that two out of three state owned
companies posted inaccurate financial statements last year.

The news - likely to be a deterrent for foreign investors - comes as China
attempts to crack down on fraudulent accounting and share price
manipulation.

The firms surveyed had reported well over $1bn in false assets and profits.

The finance ministry accused two listed firms - Beiman Special Steel and
Fujian Fulian - of irregular accounting practices.

"We investigated 320 companies in the annual check conducted this year on
corporate financial statements," an official at the Finance Ministry's
supervisory department said.

"Thirty-two firms had posted profits for 2000 when they actually made
losses.

"We published the results of the investigation as part of efforts to rectify
market order."

(end of info)



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