China makes state companies guard against soaring overseas corruption risks

China makes state companies guard against soaring overseas corruption risks

On Monday, China's corruption watchdog made its state-owned companies immediately guard against the ascending risk of corruption in their overseas entities, telling that it was a number one task of every company's Communist Party cell.

As the Central Commission for Discipline Inspection told, it had issued corresponding guidance instructing state companies to deal with such risks, which could arise from their overseas personnel as well as decision-making.

The major aim was to ensure the safety of the country’s assets and also make its state enterprises sturdy and cutting-edge, thus cultivating world-class enterprises, which are competitive worldwide.

The country’s wide-ranging crackdown on corruption has mostly concentrated on the domestic operations of its state-owned companies, rather than their overseas activities.

In 2015, China’s authorities told it would have the overseas assets of its SOEs audited after the state news agency Xinhua unveiled that the authorities don’t audit the 4 trillion Yuan of assets such companies hold overseas.

 

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