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Fake trade deals of US$10b discovered
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CHINA has uncovered fake trade deals worth nearly US$10 billion, the country’s foreign exchange regulator said yesterday, following an investigation aimed at illegal cross-border capital flows.
A large number of companies were found to have forged, altered and reused documents to create fake trade deals, Wu Ruilin of the State Administration of Foreign Exchange told a regular briefing in Beijing.
“Fake trade deals can do severe harm to ... the overall economy,” said Wu, deputy head of the management and inspection division, according to a transcript posted on the SAFE website.
“They will not only increase the pressure of hot money inflows, but also provide a channel for the illegal cross-border transfer of funds from illegal criminal activities,” he added.
China controls capital inflows and outflows on fears they could disrupt the economy.
Since April 2013, the regulator had launched an investigation to crack down on fake trade deals in 13 provinces and cities and expanded it to 24 provincial areas and cities this year.
As part of those investigations, authorities probed entities involved in the fraudulent trade financing incident uncovered in June at Qingdao port in which the same batch of metal inventories were used as collateral to secure bank loans, Wu said.
SAFE had handed over 15 of the fake trade cases to police, he said.
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