State auditor finds SOEs falsified RMB30bn in revenue, RMB20bn in profit

China’s National Audit Office said investigations had uncovered RMB30 billion (US$4.8 billion) in falsified revenue and almost RMB20 billion in falsified profits at 14 state-owned firms including major companies like State Grid, China Ocean Shipping Co, and China Southern Power Grid, The Financial Times reported, citing the auditor’s annual work report on government spending and state-owned enterprises. Last week, a separate agency – the Communist party’s anti-graft watchdog – said it would probe China Railway Corp, China Aluminum Corp and party mouthpiece the People’s Daily in the latest round of inspections at state firms.