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