China beats India! Govt officials stole $120 billion

Written by: Abdul Nisar
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Beijing, Jun 17: It seems like Indians still have to fight hard to beat China in corruption! According to a latest report, Chinese government officials have stolen more than $120 billion during the last 15 years.

The report published by the People's Bank of China revealed that around thousands of corrupt officials have stolen 800 billion yuan ($123 billion) between the mid-'90s and 2008 and fled overseas, mainly to United States.

It's believed that around 16,000 to 18,000 government officials and executives at state-owned enterprises smuggled the money to countries like US, Australia, Canada and Holland using offshore bank accounts or investments such as real estate or collectibles.

People's Bank of China warned the corruption was serious enough to threaten China's economic and political stability. The corrupted officials include Communist Party officials, who run the state.

OneIndia News

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