Multinationals in China engaged in fraud!
Sunday, 28 March 2010
From Fazle Rashid
NEW YORK, Mar 27: After the common complaints that Renminbi is highly under valued comes the allegation of corruption against China. Foreign companies doing business in China now frequently complain that they cannot compete with their Chinese rivals without greasing the palms of the people with authority.
Sinopec, biggest refinery in Asia, called upon the government to crack down on corrupt foreign business practices in China in a "call that came amid increasing controversy over operations of some multination als in the country". Sinopec urged the government to encourage " a normal market environment and good business conduct" by giving exemplary punishment to multinational companies engaged in fraud and scam and those who break the laws.
The global trade is set for big turnaround in 2010 after the depressing period of the recession, Word Trade Organisation (WTO) announced yesterday. WTO forecast predicts a 9.5 per cent expansion after 12 percent drop in 2009. The drop in the global trade was due to credit crunch. The United States is contemplating lodging a formal complaint against China for restrictions on credit and debit card processed in China.
The recovery in global trade will be led by the emerging nations which are expected to record a 11 percent rise compared to 7.5 percent in the developed economies.
NEW YORK, Mar 27: After the common complaints that Renminbi is highly under valued comes the allegation of corruption against China. Foreign companies doing business in China now frequently complain that they cannot compete with their Chinese rivals without greasing the palms of the people with authority.
Sinopec, biggest refinery in Asia, called upon the government to crack down on corrupt foreign business practices in China in a "call that came amid increasing controversy over operations of some multination als in the country". Sinopec urged the government to encourage " a normal market environment and good business conduct" by giving exemplary punishment to multinational companies engaged in fraud and scam and those who break the laws.
The global trade is set for big turnaround in 2010 after the depressing period of the recession, Word Trade Organisation (WTO) announced yesterday. WTO forecast predicts a 9.5 per cent expansion after 12 percent drop in 2009. The drop in the global trade was due to credit crunch. The United States is contemplating lodging a formal complaint against China for restrictions on credit and debit card processed in China.
The recovery in global trade will be led by the emerging nations which are expected to record a 11 percent rise compared to 7.5 percent in the developed economies.