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China will launch a thorough audit of its four major financial assets management companies, sources with the ongoing session of the Standing Committee of the National People's Congress (NPC) said on Tuesday.
An audit of the big four in 2004 found rampant irregularities in their business operations, said a report submitted by the National Audit Office to the session.
To improve the performance of the four companies, which are formed mainly to help state-owned banks to deal with their non-performing assets, the NPC Financial and Economic Committee Tuesday appealed to the legislature for a comprehensive audit on those companies.
The four companies -- China Huarong Asset Management Corp., China Great Wall Asset Management Corp., China Orient Asset Management Corp. and China Cinda Asset Management Corp. -- were created in October 1999.
(Xinhua News Agency June 29, 2005)
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