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Economy

SOEs to guard against overseas corruption risks

1
2017-12-26 09:28Global Times/Agencies Editor: Li Yan ECNS App Download

China's corruption watchdog on Monday urged State-owned enterprises (SOEs) to guard against corruption in their overseas entities, declaring it a key task of every company's Party committee.

The Central Commission for Discipline Inspection said it had given State firms instructions on how to deal with risks arising from overseas personnel and decision-making.

"Party committees and discipline inspection groups at every SOE must adhere to the highest standards of Communist Party discipline and understand the urgency and importance of controlling overseas risks," said the commission website.

The aim was to "guarantee the safety of China's assets, ensure the strength and excellence of SOEs, and cultivate world-class enterprises that are globally competitive", the corruption watchdog said.

China's wide-ranging anti-corruption campaign has largely focused on the domestic operations of SOEs, rather than their overseas activities.

In 2015, the government said it would audit the overseas assets of SOEs after the Xinhua News Agency disclosed that the government does not audit the 4 trillion yuan ($637.42 billion) of offshore assets.

  

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