Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (46355)	2/13/2006 1:00:30 AM
From: RealMuLan	Read Replies (3) of 116555

Thanks Mish. Yeah, Chinese gov. has said that they start to pay attention to this kind of price transfer. But it is hard, since over 80% of all the audits of the companies in China, domestic or foreign or JV, are controlled by those big 4 Western accounting firms. Even though their reputation in China has already been pretty much ruined by themselves, they still has the monopoly. And if there is anything they are good at, that is to make those price transfer appeared so smoothly that Chinese authorities can hardly catch. BTW, everyone knows corruption and bribe in China is pretty bad, but few people know foreign companies are major violators. Among the 500,000 corruption cases investigated by Chinese gov. in the last 10 years, 64% of them are involved with foreign companies. In 2003 alone, Chinese gov. investigated more than 1,500 bribe cases involved with foreign companies, this is 20% increase from the previous year! And plenty local Chinese companies lost the gov. bid due to the huge bribe by foreign companies in China!

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