Some of China’s biggest state firms were found to have falsified revenue and profits, while some state lenders doled out loans to unqualified borrowers, the nation’s auditor said amid an intensifying crackdown on corruption.
Fourteen state-owned companies, including State Grid Corp., Cosco Group and China Southern Power Grid Co., falsified 29.8 billion yuan ($4.8 billion) in revenue and 19.4 billion yuan in profits, the National Audit Office said in a statement on its website Sunday. The office issued its 2014 work report Sunday, along with several statements and audit reports for individual companies.
S&P 500 Approaches 100-Day Moving Average: Is Now an Attractive Time to Buy
Stocks?
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What a difference a week makes.Last week, the stock market changed its tune
from up, up, up,... to up, down, up, down. That made it feel like investors
wer...
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