Chinese Companies Most at Risk for Corruption, Says Transparency International10-18 15:25 Caijing
Chinese companies have the least transparency in emerging nations, an NGO report showed, sounding an alarm for the new leadership which has vowed to fight corruption "at every level".
Transparency International, the Berlin-based anti-corruption organization, conducted research into the public reporting practices of 100 multinationals from China, India, Russia, Brazil, and 12 other countries. Results found that Chinese companies "lag behind in every dimension with an overall score of 20 percent (2 out of a maximum of 10)," thus are most prone to corruption, Transparency International said in an Oct. 17 release.
"Considering their growing influence in markets around the world, this poor performance is of concern," the report said. Third quarters of the companies from the 16 emerging countries have a score of below 5, and India companies top the list, the survey showed.
Among the 10 least transparent companies, eight are from China, says the report. Local car maker Chery Automobile Co. was given the lowest in transparency index, at zero, while China Shipbuilding Industry Corporation and Fung Group were credited 0.1 and 0.2, respectively, according to the report.
"As emerging market companies expand their influence they should seize the opportunity to play a bigger role stopping corruption internationally," said Huguette Labelle, head of the independent pressure group.
The survey came amid an ongoing corruption campaign launched by the new leadership led by president Xi Jinping. Stressing his resolution, Xi had said the government would "fight corruption at every level, punish every corrupt official, and eradicate the soil that breeds corruption.
The campaign has so far netted several high-ranked officials, including Jiang Jiemin, the former head of China National Petroleum, along with the downfall of several executives in the state-owned oil giant.
In the latest case, Ji Jianye, the mayor of Nanjing, the provincial capital of Jinagsu province, was invested for "economic problems", a euphemism for corruption, according to state media.
In the meanwhile, China's industry watchdog has launched sweeping investigation, targeting mostly big market players both from home and abroad, some of them involved in corruption.
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