Photographer: Guang Niu/Getty Images

China Overseas Audits Aim to Stem Outflows: Eye on Chinese Media

China will step up audits of OVERSEAS INVESTMENT by state-owned companies to stem capital outflows, the official Xinhua News Agency reported. Illegal asset transfers and fake transactions have distorted foreign exchange and financial markets in recent years amid rapid growth in outbound investment, it said. The audits will focus on decision-making for overseas investments and joint ventures, financial management, and internal controls.

In Other Reports:

  • NATIONAL ANTHEM: China will review of draft legislation in June to ensure national anthem performances are sufficiently dignified and stop "non-standard renditions of the song," the Communist Party’s flagship newspaper People’s Daily reported. The paper said people won’t be punished if they can’t sing "March of the Volunteers" well.
  • SOUTH KOREA: President-elect Moon Jae-in will be tasked with consolidating public trust, addressing tensions with North Korea and rejuvenating the economy, Xinhua said in a commentary. Moon will inherit an “awful mess" from former president Park Geun-hye with trust in government falling to a "freezing point" and anxiety over the Korean peninsula on the rise, Xinhua said.
  • LAKE DISTRICT: State media published stories on the northern Beijing district of Huairou, where the Belt and Road Forum will convene near Yanqi Lake. The Global Times said that while residents must endure blocked roads they "welcome another opportunity to shine." The area was chosen because it’s one of the capital’s least densely populated areas, making security easier and less disruptive for the sprawling megacity, according to the report.

— With assistance by Yinan Zhao, and Keith Zhai

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