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China fails to audit $637.42bn of overseas SEOs

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(Shutterstock)
(Shutterstock)

Shanghai - China does not audit the 4trn yuan ($637.42bn) of assets its state-owned enterprises (SOE) hold overseas, Xinhua news agency reported, highlighting difficulties the government faces when expanding its anti-corruption drive to SOEs.

Anti-graft authorities will inspect major SOEs this year, state media reported in January, as part of a campaign initiated by President Xi Jinping that has felled a swathe of high-ranking executives.

SOE overseas assets are "virtually not audited," Xinhua cited Dong Dasheng, a former deputy auditor general of the National Audit Office, as saying.

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