Chinese-Dragon
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LOL... just ignore that guy, everyone knows the ratio of Indian black money in Swiss Bank accounts compared to their total currency reserves.
Changing face of Chinas Communists
- Thread starter TruthSeeker
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LOL... just ignore that guy, everyone knows the ratio of Indian black money in Swiss Bank accounts compared to their total currency reserves.
siegecrossbow
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If you think about it both democratic values and communism ultimately have their roots in the West. If China wishes to rise in all aspects she must not only rise economically and militarily but culturally. The Cold War was a battle between democratic and communist ideologies but the current Sino-U.S. confrontation is a clash between Eastern and Western values. China could not "win" unless she develop a new forum of political ideology that better suits the nation. We should not completely reject Western values, as many fengqings suggest, but incorporate advanced aspects of Western ideology into the new Eastern ideology.
I think Hu is trying to steer the country in this direction with the "hexie society" concept. Although I think the concept is misguided I think it is nonetheless the beginning of change. I think China has enough time to tinker with various political concepts before settling on the best one.
NmHqh2JbVo
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They are no longer communists. There is no changing in face. More like "face off."
Chinese-Dragon
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Hexie shehui, I am divided as to my opinion towards it. Though I am not the best person to ask, since I'm not on the receiving end of the "harmonization" here in HK.
Chinese culture has always excelled at assimilation. I'm looking forward to the next reiteration of "Socialism with Chinese characteristics".
JayAtl
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China accounting scandals put Big Four auditors on red
China accounting scandals put Big Four auditors on red - Yahoo! News
HONG KONG (Reuters) – The string of accounting problems and stock plunges at publicly traded Chinese groups has sparked deep concerns across the world's biggest audit firms, putting the so-called Big Four on alert from worries that their reputation could be brought down along with a growing list of stricken companies.
Auditing Chinese firms preparing to go public on overseas exchanges is a lucrative business and one that plays into the strengths of the top, international auditing partnerships known as the Big Four: KPMG, Ernst & Young, Deloitte Touche Tohmatsu and PricewaterhouseCoopers.
Yet fears are growing that the struggle to find enough high-quality auditors in China and Hong Kong means it may only be a matter of time until one of the top firms finds itself caught in a blow-up rivaling Enron, which brought down their old rival Arthur Andersen.
"Costs have gone up, fees have gone down, as competition for fees is enormous. You can easily see there is a real risk of an audit firm failing," said Paul Winkelmann, the partner in charge of risk and compliance for PWC in Greater China. According to interviews with professionals at the four firms, each firm is getting more and more cautious about the work they take on from mainland companies looking to IPO. "The whole industry, I will say, is very sensitive and cautious to China IPOs," said an auditor at one of the Big Four, who handles IPO work, who did not want to be named.
The Big Four are also getting nervous about work with existing Chinese clients, turning to lawyers at an earlier stage if they think something might be amiss.
"If a risk situation arises they're now consulting lawyers earlier and dealing with it in a much more structured way than was perhaps the case in the past," said Tom Fyfe, a partner at law firm Barlow, Lyde & Gilbert in Hong Kong who acts for some of the big four in litigation issues.
All four of the audit firms responded to a Reuters request to comment on the matter. The four firms said they have a rigorous approach to risk management.
CHINA BOOMING BIZ
The big four have basked in China's emergence as an economic powerhouse. In 2009 their revenue from work on the mainland stood at 9.1 billion yuan ($1.41 billion) according to the Chinese Institute of CPAs (CICPA), around half of China's accounting industry's revenue. Last year's figures were not immediately available.
As the revenues have risen, so have the risks.
Most of the accounting scandals in the U.S. have come from small Chinese companies who went public via a reverse takeover. Those companies were audited by smaller U.S. or Hong Kong-based accountancy practices, not the Big Four's China firms. But some recent high profile cases have started to drag in the names of the world's most prestigious auditors.
Last month, Deloitte quit as auditor of Longtop Financial Technologies after working on the company's books for six years, citing "recently identified falsity" in their finances.
Ernst & Young was named in two class action lawsuits over its work on Sino-Forest, the Toronto-listed company accused by short-seller Muddy Waters of accounting fraud.
In Hong Kong, KPMG said in January that it had found possible irregularities in the books of China Forestry, leading to a suspension of its shares.
Accounting experts say the firms have been acting as they should by raising the alarm once they find irregularities that can't be explained by the company. They also point out that the Big Four's China businesses and its broad global resources are much better placed than small U.S. firms to conduct audits on Chinese companies.
"I think firms here have always been aware of the risks associated with audit work in China. There is more endemic fraud in Asia, but people are much more aware of it here and so manage the risks accordingly," said PWC's Winkelmann.
Winkelmann, on behalf of the Hong Kong Institute of CPAs (HKICPA), is drafting a paper to present to the Hong Kong government later this year calling for changes to the law on auditor liability. The IPOs are now so large -- last year saw two greater than $20 billion in Hong Kong -- the worry is that a massive IPO liability, if it were to hit an auditing firm, would be too big for the firm to handle. The change calls for a cap on the liability.
The latest string of scandals has laid bare some of the difficulties auditors have in China, forcing the big firms to reappraise their methods, given that a loss of reputation could bring them to their knees.
"There's no doubt about it -- the firms are very alert to these issues and very sensitive to what it means. They will be looking at their risk assessment procedures," said Chris Joy, executive director, HKICPA.
STAFF SHORTAGES
Two of the biggest challenges facing the big four are staffing and the type of companies they audit.
Together the firms now employ just under 40,000 people in mainland China, Hong Kong and Taiwan. While that's a relatively high number compared to other regions, it's not enough to handle the huge demand created by the rapid economic growth of the world's most populous country, experts say.
"We are in tremendous need of experienced accounting professionals and graduating college students," said a spokeswoman for Ernst & Young, which plans to recruit 1500 new staff this year.
Finding them might be tough.
"Between us and the CICPA and other bodies that offer qualifications, we can't produce enough at the moment, but we're not going to compromise the quality of our program just to mass produce accountants," said Joy at the HKICPA.
That skill shortage is likely to be felt even more keenly now that the type of IPO work the big firms are handling is shifting. Whereas 10 years ago the majority of firms going public in China were state-owned enterprises (SOEs), a lot more of the work now is for privately-run businesses.
"Previously the market was for SOEs, and China is not going to allow a major embarrassment with an SOE," said PWC's Winkelmann. "But now it's changing as international firms are starting to do more of the private enterprises in China, which don't come with that government support."
China accounting scandals put Big Four auditors on red - Yahoo! News
HONG KONG (Reuters) – The string of accounting problems and stock plunges at publicly traded Chinese groups has sparked deep concerns across the world's biggest audit firms, putting the so-called Big Four on alert from worries that their reputation could be brought down along with a growing list of stricken companies.
Auditing Chinese firms preparing to go public on overseas exchanges is a lucrative business and one that plays into the strengths of the top, international auditing partnerships known as the Big Four: KPMG, Ernst & Young, Deloitte Touche Tohmatsu and PricewaterhouseCoopers.
Yet fears are growing that the struggle to find enough high-quality auditors in China and Hong Kong means it may only be a matter of time until one of the top firms finds itself caught in a blow-up rivaling Enron, which brought down their old rival Arthur Andersen.
"Costs have gone up, fees have gone down, as competition for fees is enormous. You can easily see there is a real risk of an audit firm failing," said Paul Winkelmann, the partner in charge of risk and compliance for PWC in Greater China. According to interviews with professionals at the four firms, each firm is getting more and more cautious about the work they take on from mainland companies looking to IPO. "The whole industry, I will say, is very sensitive and cautious to China IPOs," said an auditor at one of the Big Four, who handles IPO work, who did not want to be named.
The Big Four are also getting nervous about work with existing Chinese clients, turning to lawyers at an earlier stage if they think something might be amiss.
"If a risk situation arises they're now consulting lawyers earlier and dealing with it in a much more structured way than was perhaps the case in the past," said Tom Fyfe, a partner at law firm Barlow, Lyde & Gilbert in Hong Kong who acts for some of the big four in litigation issues.
All four of the audit firms responded to a Reuters request to comment on the matter. The four firms said they have a rigorous approach to risk management.
CHINA BOOMING BIZ
The big four have basked in China's emergence as an economic powerhouse. In 2009 their revenue from work on the mainland stood at 9.1 billion yuan ($1.41 billion) according to the Chinese Institute of CPAs (CICPA), around half of China's accounting industry's revenue. Last year's figures were not immediately available.
As the revenues have risen, so have the risks.
Most of the accounting scandals in the U.S. have come from small Chinese companies who went public via a reverse takeover. Those companies were audited by smaller U.S. or Hong Kong-based accountancy practices, not the Big Four's China firms. But some recent high profile cases have started to drag in the names of the world's most prestigious auditors.
Last month, Deloitte quit as auditor of Longtop Financial Technologies after working on the company's books for six years, citing "recently identified falsity" in their finances.
Ernst & Young was named in two class action lawsuits over its work on Sino-Forest, the Toronto-listed company accused by short-seller Muddy Waters of accounting fraud.
In Hong Kong, KPMG said in January that it had found possible irregularities in the books of China Forestry, leading to a suspension of its shares.
Accounting experts say the firms have been acting as they should by raising the alarm once they find irregularities that can't be explained by the company. They also point out that the Big Four's China businesses and its broad global resources are much better placed than small U.S. firms to conduct audits on Chinese companies.
"I think firms here have always been aware of the risks associated with audit work in China. There is more endemic fraud in Asia, but people are much more aware of it here and so manage the risks accordingly," said PWC's Winkelmann.
Winkelmann, on behalf of the Hong Kong Institute of CPAs (HKICPA), is drafting a paper to present to the Hong Kong government later this year calling for changes to the law on auditor liability. The IPOs are now so large -- last year saw two greater than $20 billion in Hong Kong -- the worry is that a massive IPO liability, if it were to hit an auditing firm, would be too big for the firm to handle. The change calls for a cap on the liability.
The latest string of scandals has laid bare some of the difficulties auditors have in China, forcing the big firms to reappraise their methods, given that a loss of reputation could bring them to their knees.
"There's no doubt about it -- the firms are very alert to these issues and very sensitive to what it means. They will be looking at their risk assessment procedures," said Chris Joy, executive director, HKICPA.
STAFF SHORTAGES
Two of the biggest challenges facing the big four are staffing and the type of companies they audit.
Together the firms now employ just under 40,000 people in mainland China, Hong Kong and Taiwan. While that's a relatively high number compared to other regions, it's not enough to handle the huge demand created by the rapid economic growth of the world's most populous country, experts say.
"We are in tremendous need of experienced accounting professionals and graduating college students," said a spokeswoman for Ernst & Young, which plans to recruit 1500 new staff this year.
Finding them might be tough.
"Between us and the CICPA and other bodies that offer qualifications, we can't produce enough at the moment, but we're not going to compromise the quality of our program just to mass produce accountants," said Joy at the HKICPA.
That skill shortage is likely to be felt even more keenly now that the type of IPO work the big firms are handling is shifting. Whereas 10 years ago the majority of firms going public in China were state-owned enterprises (SOEs), a lot more of the work now is for privately-run businesses.
"Previously the market was for SOEs, and China is not going to allow a major embarrassment with an SOE," said PWC's Winkelmann. "But now it's changing as international firms are starting to do more of the private enterprises in China, which don't come with that government support."
lcloo
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Corruption in India
A rotten state
Graft is becoming a bigger problem—and the government should tackle it
Mar 10th 2011 The Economist
INDIANS’ anger over rising corruption has reached feverish levels. What people are calling a “season of scams” includes the alleged theft of billions by officials behind last year’s Commonwealth games in Delhi; $40 billion in revenues lost from the crooked sale of 2G telecoms licences; and over $40 billion stolen in Uttar Pradesh alone from schemes subsidising food and fuel for the poor. Foreign businessmen, who have slashed investment over the past year, rank graft as their biggest headache behind appalling infrastructure. Now India’s anti-corruption chief has been forced out over, well, corruption (see article).
Graft is hardly new in India: the Bofors scandal brought down the government in 1989. But there seems to be more of it about than ever, if only because India is getting richer fast, and the faster the economy grows, the more chances arise for mind-boggling theft. The government says that in the next five-year plan period, which starts next year, $1 trillion will be spent on roads, railways, ports and so on, with billions more on re-equipping the armed forces and welfare. Add in an insatiable appetite for scarce land, water and minerals and a monsoon of bribes is forecast.
Some are inclined to shrug their shoulders. After all, corruption does not seem to be stopping India from growing. Yet imagine how much better the country would be doing without it. Corruption raises costs not just to Indians, but also to the foreigners whose capital India needs. Thanks in part to those scandals, India’s stockmarket was the worst-performing outside the Muslim world over the past year.
Related itemsCorruption in India: A million rupees nowMar 10th 2011
--------------------------------------------------------------------------------
Related topics
India
To its credit, the government has begun to take action against powerful individuals. Maharashtra state’s chief minister was forced out over a property scandal. Police have quizzed Suresh Kalmadi, the politician who ran the Commonwealth games. Most strikingly, Andimuthu Raja, the cabinet minister who oversaw the 2G telecom licences, was arrested.
A 2005 act giving the right to information is welcome, as are auctions for public goods, such as last year’s lucrative sale of the 3G telecom spectrum. Technology is helping. In some states, bids for state contracts are being run online, allowing anti-corruption bodies to monitor them. Gujarat does this for all contracts over 500,000 rupees ($11,000). It also puts land records and death certificates online, cutting down on one form of petty graft. Websites, led by ipaidabribe.com, reveal the cost of graft by publicising the sums demanded for everything from registering a baby to fixing a broken water supply.
The central government should now implement a plan for a universal, computerised ID scheme. It would allow welfare payments to be paid into individuals’ bank accounts, hindering theft by state workers.
The licence Raj lives on
Most of all, India must redouble its efforts to liberalise. The state could outsource official tasks, cut red tape and sell wasteful and corrupt state-owned firms (why does the government make watches?). For all that the “licence Raj” was supposedly scrapped two decades ago, it can still take nearly 200 days to get a construction permit and seven years to close a business. Regulations are not, by and large, deterrents to corruption, but a source of it.
And from Reuters
India score 3.3 in 2010 Corruption Perception Index. The lower the index score, the more corrupt.
Interactive: U.S. slips to historic low in global corruption index | Reuters
A rotten state
Graft is becoming a bigger problem—and the government should tackle it
Mar 10th 2011 The Economist
INDIANS’ anger over rising corruption has reached feverish levels. What people are calling a “season of scams” includes the alleged theft of billions by officials behind last year’s Commonwealth games in Delhi; $40 billion in revenues lost from the crooked sale of 2G telecoms licences; and over $40 billion stolen in Uttar Pradesh alone from schemes subsidising food and fuel for the poor. Foreign businessmen, who have slashed investment over the past year, rank graft as their biggest headache behind appalling infrastructure. Now India’s anti-corruption chief has been forced out over, well, corruption (see article).
Graft is hardly new in India: the Bofors scandal brought down the government in 1989. But there seems to be more of it about than ever, if only because India is getting richer fast, and the faster the economy grows, the more chances arise for mind-boggling theft. The government says that in the next five-year plan period, which starts next year, $1 trillion will be spent on roads, railways, ports and so on, with billions more on re-equipping the armed forces and welfare. Add in an insatiable appetite for scarce land, water and minerals and a monsoon of bribes is forecast.
Some are inclined to shrug their shoulders. After all, corruption does not seem to be stopping India from growing. Yet imagine how much better the country would be doing without it. Corruption raises costs not just to Indians, but also to the foreigners whose capital India needs. Thanks in part to those scandals, India’s stockmarket was the worst-performing outside the Muslim world over the past year.
Related itemsCorruption in India: A million rupees nowMar 10th 2011
--------------------------------------------------------------------------------
Related topics
India
To its credit, the government has begun to take action against powerful individuals. Maharashtra state’s chief minister was forced out over a property scandal. Police have quizzed Suresh Kalmadi, the politician who ran the Commonwealth games. Most strikingly, Andimuthu Raja, the cabinet minister who oversaw the 2G telecom licences, was arrested.
A 2005 act giving the right to information is welcome, as are auctions for public goods, such as last year’s lucrative sale of the 3G telecom spectrum. Technology is helping. In some states, bids for state contracts are being run online, allowing anti-corruption bodies to monitor them. Gujarat does this for all contracts over 500,000 rupees ($11,000). It also puts land records and death certificates online, cutting down on one form of petty graft. Websites, led by ipaidabribe.com, reveal the cost of graft by publicising the sums demanded for everything from registering a baby to fixing a broken water supply.
The central government should now implement a plan for a universal, computerised ID scheme. It would allow welfare payments to be paid into individuals’ bank accounts, hindering theft by state workers.
The licence Raj lives on
Most of all, India must redouble its efforts to liberalise. The state could outsource official tasks, cut red tape and sell wasteful and corrupt state-owned firms (why does the government make watches?). For all that the “licence Raj” was supposedly scrapped two decades ago, it can still take nearly 200 days to get a construction permit and seven years to close a business. Regulations are not, by and large, deterrents to corruption, but a source of it.
And from Reuters
India score 3.3 in 2010 Corruption Perception Index. The lower the index score, the more corrupt.
Interactive: U.S. slips to historic low in global corruption index | Reuters
Tiki Tam Tam
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Changing face of China's Communists?
Losing face?
The Communist face?
Becoming capitalists?
Or are they now what Mao meant as 'capitalist lackeys and capitalist roader'?
Losing face?
The Communist face?
Becoming capitalists?
Or are they now what Mao meant as 'capitalist lackeys and capitalist roader'?
below_freezing
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I like "Scientific Development". Communism does not have its roots in the West! Communism is merely a highly advanced form of the earliest hunter gather tribes way of distributing resources in order to make sure the maximum number of people survived: equally. Of course, in its modern form socialism it needs slight adjustments for specific national situations and to maintain market competitiveness in the sense of being able to compete against capitalist nations. But anyhow, the main difference between modern capitalism and modern socialism is just in how many state owned enterprises there are.
Akasa
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CCP and Communism in China is all an image.
The CCP barely follows Marxism or Maoism. China's economy is basically capitalist. The CCP is also bringing more democracy into China continuously, albeit gradually.
The reason why China's flag did not adopt the Communist red is because Deng Xiaoping thought it did not reflect China's state of situation.
I expect China to eventually change the name of its party, its official name, and even the flag.
The CCP barely follows Marxism or Maoism. China's economy is basically capitalist. The CCP is also bringing more democracy into China continuously, albeit gradually.
The reason why China's flag did not adopt the Communist red is because Deng Xiaoping thought it did not reflect China's state of situation.
I expect China to eventually change the name of its party, its official name, and even the flag.
Akasa
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I'm sorry, I'm cracking up about this part " They also have to submit essays expressing support for the party" . I wonder how many words
Chinese dragon - can you show us your essay
Yes, because it's logical to let people work for the government party when they hate it and plan to disband it, right?
Try writing "I HATE USA" and running for presidency. Good luck on that. You'll need it.
P.S. Remember what happened when an Indian national worked on the B-2 project?
below_freezing
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Why would you think that? I love the PRC and the flag of China. How is it "basically capitalist" when the public sector is still 30% of the economy and dominates basic industries like power, land, mining, steel, non-motor transport (basically, everything like rail/air/ship, all state owned), telecom and FINANCE? In fact state ownership of basic factors of production is the defining feature between capitalism and socialism. In China the government clearly owns 2/3 factors of production (besides labor, it owns land and capital). There's a middle line between 100% total state control command economy and 100% free market economy you know? It's not all black and white.
siegecrossbow
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This is because he thinks of the CCP as more of a means than an end.
Chinese-Dragon
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That's right, and red is the perfect colour for the Chinese flag.
It ties in well with Chinese culture and history.The current flag is 100% perfect for us.
below_freezing
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That's right, and red is the perfect colour for the Chinese flag.
The current flag is 100% perfect for us.
I agree. Red is a lucky color, as well as the color of blood and revolution. It fits perfectly with Chinese culture and China's history.
I also think many overseas Chinese don't really know what its actually like in China. Overseas media reports love to either illustrate how China is 100% capitalist (and therefore by implication the government is worthless) or alternatively how it is a 100% command economy (and the government is repressive). Both views are wrong and both are used by Anglos to demonize the government, never mind that they're mutually contradictory. The Anglo media makes everything look black and white when nothing is black and white.
siegecrossbow
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Well the fact that we are having this debate in the first place shows that we are hardly the "emotionless automatons" that our friends have been trying to portray us as, doesn't it?
I've lurked on defence.pk for quite a while before I got my account and this is my observation. There are both pro and anti-ccp Chinese members here (the former being more prominent) yet we bunch together regardless of our political beliefs, age, gender, religion, and even birth place whenever guys like Jaytl shows up. If this is not indication of national unity I don't know what is.
I've lurked on defence.pk for quite a while before I got my account and this is my observation. There are both pro and anti-ccp Chinese members here (the former being more prominent) yet we bunch together regardless of our political beliefs, age, gender, religion, and even birth place whenever guys like Jaytl shows up. If this is not indication of national unity I don't know what is.
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