From China Daily:
With hemorrhages of State assets causing growing public concern, a National People’s Congress (NPC) deputy has called for legislation on full information disclosure by State-owned enterprises (SOE) to fight corruption.Ma Weihua, president of China Merchants Bank, made the proposal at the ongoing session of the NPC.
Without a law in place, it is too difficult for the State-owned Assets Supervision and Administration Commission (SASAC) to supervise the 181 key State firms with assets that amount to nearly 9.2 trillion yuan (US$1.1 trillion).A SASAC inspection of such firms last year found that 40 firms suffered a 10 per cent loss in total assets, while another 40 reported 20 per cent losses. Many were discovered to have problems in their accounting practices and financial reports. A law to require SOEs to disclose information in a timely and correct manner will place activities of SOEs and their high-level managerial leaders under the supervision of employees and the public.
