China’s People’s Liberation Army audits spending; move aimed at uncovering embezzlement, accounting fraud, stealing from private coffers and other wrongdoing so as to curb “deep-seated, unhealthy” tendencies in the military

http://www.scmp.com/print/news/china/article/1710383/chinas-peoples-liberation-army-audits-spending-bid-root-out-crime

China’s People’s Liberation Army audits spending in bid to root out crime

Thursday, 12 February, 2015, 12:32am

Angela Meng angela.meng@scmp.com

The review, part of Xi’s anti-waste crackdown, will look into expenditure over past two years

The People’s Liberation Army is launching a year-long retrospective audit to review military spending over the past two years to crack down on excessive behaviour in the world’s largest army. Army mouthpiece PLA Daily yesterday said the audit would focus on four things: pay orders of all military fund flows, schedules of disbursement, management of internal service venues, and details of spending for extra-budgetary funds. The report, which was on the daily’s front page, said the move was aimed at uncovering embezzlement, accounting fraud, stealing from private coffers and other wrongdoing so as to curb “deep-seated, unhealthy” tendencies in the military. Continue reading

CEOs On The Run: Financial Crisis With Chinese Characteristics

http://www.forbes.com/sites/ceibs/2015/02/11/ceos-on-the-run-financial-crisis-with-chinese-characteristics/print/

2/11/2015 @ 4:37AM 336 views

CEOs On The Run: Financial Crisis With Chinese Characteristics

 China Europe International Business School , Contributor

POST WRITTEN BYSeung Ho Park and Shaomin Li

As China’s economy slows down, many firms cannot service their debt obligations . This isn’t abnormal, but what is unusual is that, faced with debt issues, there has been an increasing number of CEOs and owners of borrowing companies who simply choose to disappear . The local media have coined a new term to describe these vanishing acts: paolu  (running on the road). Continue reading