Mr. James Grant writes in Fobes:

Out of a population of 1.3 billion, there must be one honest Chinese citizen. It defies belief that there wouldn't be. Yet this singular uncorrupted individual is making himself scarce. Scandal chases scandal in the People's Republic. Misdeeds seem especially prevalent in the bustling city of Shanghai, where a dustup surrounding the alleged misappropriation of assets from the $1 billion city pension fund has led to the forced resignation of three senior executives at the Shanghai Electric Group. And the Shanghai branch of Huaxia Bank has been exposed by a government audit in a scheme to underreport its nonperforming loans, according to Chinese news reports.

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