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China LRG Data Manipulation Highlights Oversight Problems
Recent admissions of data falsification by some Chinese local and regional governments (LRGs) highlight governance weaknesses within the sector and add to uncertainty over reported fiscal data, says Fitch Ratings. We will continue to monitor developments and take rating action, as appropriate, if further examples come to light. That said, the central authorities' efforts to expose data manipulation by LRGs could lead to improved management practices and internal control in the long run, if sustained. Inner Mongolia revised down its 2016 general public budget revenue by 26% on 3 January, admitting that its previous ... (full story)