American business activity declines to 17-month minimum
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China will punish companies for fake trade data
China is on the verge of punishing companies if they are caught reporting fake trade data, as the customs administration informed on Tuesday, as it released details on enforcement of a credit system for foreign trade companies.
Companies found discredited might be subject to more stringent inspections when applying for government tax rebates. They might also face an impact on their export or import quotas, while company representatives might be restricted from traveling abroad.
Measures announced by the customs administration as well as 33 government departments will punish firms for various infractions including tax avoidance, smuggling goods, fake company registration information, not to mention fake trade data, as customs bureau vice minister Li Guo told.
Experts tell that Chinese companies have utilized fake trade invoices just to move money offshore and dodge China's strict capital controls.
The Chinese authorities have tightened oversight of cross border capital flows for the last time as accelerating outflows greatly contributed to a weakening Yuan, which lost 6.5% against the greenback last year.
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