(ECNS) - A lack of honesty and credibility is estimated to incur economic losses of 600 billion yuan ($92 billion) for Chinese companies every year, according to a report.
The report, released by a research institute at the China University of Political Science and Law, said Chinese firms face challenges relating to business fraud, illegal contracts, manufacturing and selling fake goods, tax evasion and academic misconduct.
The report said the shortage of business integrity and ethics has become a chronic disease hindering sustainable economic and social development in China.
The report also said the relatively lower costs from being dishonest, regional protectionism and a lack of supervision are thought to have contributed to the repeated breaking of trust in many sectors.
