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The New Republic: IS CHINA’S ECONOMIC BOOM A MYTH?
Minxin Pei, a China scholar at the Carnegie Endowment for International Peace, estimates that corruption costs China as much as 8 percent of annual GDP. The government auditing body has admitted that more than two-thirds of the biggest Chinese companies falsify their accounting–an astonishing statistic given that investors attacked U.S. stock markets in the wake of this year’s corporate scandals, even though most economists believe less than 5 percent of American companies cook their books.