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“BEIJING (Reuters) - An investigation by China's state auditors released on Thursday has found rampant financial irregularities throughout government and said corruption in public administration is widespread.
The report found budget mismanagement in no less than 32 government ministries and departments, and was equally critical of the Finance Ministry and the National Development and Reform Commission, the two main bodies that disseminate cash.
Chinese leaders have said the government faces self-destruction is it fails to crack down on corruption but it remains a problem both for government and private business despite periodic clean-up campaigns.
"If the problems found by the auditors can't be solved, people will be disappointed and the audit administration will lose its authority," Qin Rongsheng, deputy director of China's Audit Research Association, was quoted as saying in the report carried in domestic media.
"It is hard to do the audits, but it is more difficult to get the problems solved," he said.
The report found some ministries overstated charges, hid income in secret accounts and managed to evade higher-level oversight….”
Originally posted by Shroomery
welcome to capitalism
Originally posted by Shroomery
welcome to capitalism
The article states that over 4000 of these corrupt officials have fled the country with billions of Yuan, never recovered. I see much instability in China’s future…
Originally posted by Frosty
So a country with a state runned economy equals capitalism? No, China is no longer as isolated as it once was which is why people suggest it is capitalist, but is far from this. The communist agenda still has a very strong grip.
An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.
China audit finds rampant government corruption