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Report reveals huge scale of corruption among Chinese government officials

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ao333

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Thousands of corrupt Chinese officials have stolen more than $120bn (£74.2bn) and fled overseas since the mid-1990s, according to a report by the country's central bank.

The report, released this week by the People's Bank of China, says between 16,000 and 18,000 government officials and executives at state-owned enterprises smuggled about $123bn out of China between the mid-1990s and 2008.

Officials are accused of smuggling money into the US, Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles. They masked the thefts as business transactions by setting up private companies to receive the money transfers, according to the report.

China has launched numerous efforts in recent years to curb graft, which is often a focal point of protests and is seen as a major threat to political and economic stability. Corruption among Communist party officials is still common, however.

The report said that aside from punishing guilty officials, China should improve monitoring of asset transfers and revise methods of payment overseas.

Chinese prosecutors have made some high-profile moves in the hope of deterring graft among the rank and file. In China's largest recent corruption scandal, the powerful party boss of Shanghai, Chen Liangyu, was sentenced to 18 years in prison in 2008.

Report reveals huge scale of corruption among Chinese government officials | World news | The Guardian

Lol, and you guys say Indian officials have a Swiss bank complex...
 
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peanuts compared to how much indian nationals have parked in swiss accounts.
 
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China is actually in a very advantageous position to curb corruption , if only they can unearth the names of the tax-evaders from the Swiss banks ...
 
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I bet the money in the Swiss accounts are enough for Indian officials to buy Chinese Arks for the 2012 scenario.
 
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Corruption is an issue everywhere, considering China's reserve I was surprised the amount was so small. Either there are lots of funds not yet uncovered or the CPC has done a good job in keeping corruption in check. The strict CCY controls in place actually helped alot, I recall back in the 90's you couldn't even bring RMB out of China.

P.s I encourage the users here not to bring India into this, they have their issues and China has hers and its a common issue shared by us all.
 
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almost all politicians all around the world are corrupt.

america has some of the most corrupt officials in the world.
the western media does a great job in hiding their flaws, since all the major media networks are western.

alot of republican and democrats are bought and paid by special interests. extremely corrupt bunch.

china also has corruption but the chinese are punishing corrupt officials.
india has very corrupt officials, look at what a disaster the commonwealth games turned out to be.
 
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almost all politicians all around the world are corrupt.

america has some of the most corrupt officials in the world.
the western media does a great job in hiding their flaws, since all the major media networks are western.

alot of republican and democrats are bought and paid by special interests. extremely corrupt bunch.

china also has corruption but the chinese are punishing corrupt officials.
india has very corrupt officials, look at what a disaster the commonwealth games turned out to be.

How much was spent on the Beijing Olympics? How much stimulas was spent to prop up 2 years of 4%+ "CCP" inflation? What is the total assets of Hu Jing Tao? It's obsurd to compare Western and communist corruption.
 
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peanuts compared to how much indian nationals have parked in swiss accounts.

ACtually when it comes to illegal financial outflows, China is way ahead. India's position actually came down recently from position 5 in the 2002-2006 period to no.15 in overall 2000-2009 period.

Global Financial Integrity - Reports - Illicit Financial Flows from Developing Countries: 2000-2009 - Overview

Top 10 countries with the highest measured cumulative illicit financial outflows between 2000 and 2008 were:



1. China: $2.18 trillion
2. Russia: $427 billion
3. Mexico: $416 billon
4. Saudi Arabia: $302 billion
5. Malaysia: $291 billion
6. United Arab Emirates: $276 billion
7. Kuwait: $242 billion
8. Venezuela: $157 billion
9. Qatar: $138 billion
10. Nigeria: $130 billion
 
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ACtually when it comes to illegal financial outflows, China is way ahead. India's position actually came down recently from position 5 in the 2002-2006 period to no.15 in overall 2000-2009 period.

Global Financial Integrity - Reports - Illicit Financial Flows from Developing Countries: 2000-2009 - Overview

Top 10 countries with the highest measured cumulative illicit financial outflows between 2000 and 2008 were:



1. China: $2.18 trillion
2. Russia: $427 billion
3. Mexico: $416 billon
4. Saudi Arabia: $302 billion
5. Malaysia: $291 billion
6. United Arab Emirates: $276 billion
7. Kuwait: $242 billion
8. Venezuela: $157 billion
9. Qatar: $138 billion
10. Nigeria: $130 billion

Great! Yet another measure by which we beat India! :lol:
 
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Wow! Thats great. Pakistan should have been no.1 but I think our people are so professional at smuggling money to foreign countries that no one gets to know about it. . :lol: :pakistan:
 
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We are far behind India in terms of corruption.

According to the Guardian article here:

Corruption is 100% necessary for economic development and the more the better. We have a long way to go, but I believe there's nothing our government can't do. :hitwall:

]

Really? Where can you get so much confidence in Chinese gov? I think China is the worst one in the world in terms of corruption.
 
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