All men are endowed by their Creator with unalienable Right of Liberty.自由是造物主赋予人类的不可剥夺的权利

Measures for the Administration of Related Transactions of Banking and Insurance Institutions China Banking and Insurance Regulatory Commission Order [2022] No. 1 Issuing authority: China Banking and Insurance Regulatory Commission Text number: China Banking and Insurance Regulatory Commission Order [2022] No. 1 Source: CBIRC website Topic classification: Finance, Finance, Audit\Insurance Types of documents: command (order) Chapter 1 General Provisions Article 1 In order to strengthen prudential supervision, regulate the related transactions of banking and insurance institutions, prevent related transaction risks, and promote the safe, independent and stable operation of banking and insurance institutions, in accordance with the Company Law of the People's Republic of China and the Banking Supervision and Administration Law of the People's Republic of China, the Law of the People's Republic of China on Commercial Banks, the Insurance Law of the People's Re...

As reported by Reuters , China's National Development and Reform Commission and China Development Bank recently issued a "Notice on Promoting Development Finance to Support the Construction of Demonstration Zones for Industrial Transformation and Upgrading," calling for further efforts to support development finance and support demonstration zones in building innovation platforms , improve the infrastructure of industrial transformation and upgrading demonstration parks, promote industrial transformation and upgrading, enhance the comprehensive carrying capacity of cities, and accelerate the green transformation of energy and resources industries.  It's clear that China government actively engaged with business of China Development Bank as a related party. Has China Development Bank fully disclosed related party transactions in its financial statements presented using International Financial Reporting Standards?

 As translated from the official website of Chinese government  below, it's not difficult to see that SASACs under the uniformed leadership of Chinese Communist Party or Communist Party of China are positively coordinating activities with each other. Local SOEs must be considered as related parties to central SOEs as well as to both local and central governments of China. Investors must pay special attention to whether Chinese enterprises have fully disclosed related party transactions to make an informed decision. On January 9, the State-owned Assets Supervision and Administration Commission of the State Council of China convened a meeting of the heads of the local SASAC and the directors of the office of the local state-owned enterprise reform leading group by video, summarizing the work of state-owned assets and state-owned enterprises in 2021, and clarifying the key tasks in 2022. Hao Peng, Secretary and Director of the Communist Party Committee of the State-owned Assets ...

 According to the records of US PCAOB , China helped Elon Musk to cover up accounting fraud and staying in China could help Tesla manipulate consolidated financial statements by blocking PCAOB's access to auditor working papers in China. Numbers in the consolidated financial statements=numbers in the parent company's financial statements+numbers in the subsidiaries' financial statements+adjustments-cancellations of inside related party transactions. PricewaterhouseCoopers Zhong Tian LLP (1424) – China's working papers on TESLA, INC. CIK (0001318605) have been denied access of US PCAOB for three consecutive years from 2018 to 2020. The auditor's papers on Emerson's China business from 2017 to 2021 for 5 consecutive years have not been inspected by the PCAOB of the United States. As the US PCAOB cannot check the audit papers of the China and Hong Kong branches of the four major international accounting firms, the audit issues of the China and Hong Kong branches o...

根据会计师回复意见：在南京大学、生物研究院 (Nanjing University Nanjing Biology Medicine Academe) 分别作出内部决议形成对于生物研究院关停的相关原则性处理意见之后（即 2018 年 8 月 21 日之后），生物研究院方能与集萃药康开展实质谈判筹备具体合作方案，并进一步形成了关于小鼠品系转让、资产出租、人员安置等一系列明确安排。而在此之前的 2018 年 4 月和 2018 年 7 月，集萃药康与生物研究院的后续达成的相关安排和交易在当时的历史条件下不存在任何确定性安排。 集萃药康成立于 2017 年 12 月 29 日，在 2018 年 6 月取得实验动物生产资质之前公司销售规模较小，相关生产环节委托生物研究院开展；在取得实验动物生产资质之后，集萃药康逐步自行开展相关业务。 2018 年 8 月生物研究院决议明确关停生物研究院，集萃药康承接受让或租赁生物研究院相关小鼠品系、设备设施、人员等具有了现实可能性，业务面貌发生了重要变化。自 2018 年 9 月起，集萃药康员工数量、营业收入等明显增加 。 2018 年 8 月之后，集萃药康明确了与南京大学和生物研究院的相关安排，相继签署协议受让小鼠品系及相关知识产权、租赁生物研究院部分设备设施，同时承接部分人员等，一方面公司业务具备了快速发展的可靠预期，另一方面也意味着公司资产、业务、人员等能从法律层面与南京大学和生物研究院有一个清晰划分，明确释放了支持公司未来发展的重要信号。在此之后，集萃药康方可放手加大研发投入、广泛招募各类人才、全国性布局生产基地、不断开拓客户资源，业务经营进入快速发展的崭新时期。在此基础上，青岛国药、鼎晖投资等外部投资者方可判断集萃药康具有持续经营能力。

Xuzhou High-tech Industrial Development Zone State-owned Assets Management Co., Ltd. disclosed on 20 December 2021 that it would issue 250 million yuan of the second phase of 2021 ultra-short-term financing bonds with a maturity of 75 days on December 21. It  claimed to cancel the issuance due to the volatility of the bond market. However, from a macroeconomic perspective,  Jinping  Xi’s regime focused its energy on centralizing power and abolishing local tax bureaus. All tax revenues were collected by the State Taxation Bureau and Customs, which implement the vertical management of the central government. The Xi Jinping regime also cut the salaries of ordinary civil servants and increased the salaries of Xi Jinping’s intelligent agencies who have nothing to do with value creation such as the military and emergency management. Ordinary civil servants will have more motivation to use their power to rob the local economy. As a result, investors in the inter-bank bond market...

 徐州高新技术产业开发区国有资产经营有限公司于 2021 年 12 月 20 日披露即将于12月21日发行期限 75 天的2021 年度第二期超短期融资券 2.5 亿元。声称由于债券市场波动大，取消发行。 但从宏观经济来看，习近平政权把精力集中于集中权力，将地方税务局撤销，全部税收由实行中央垂直管理的国家税务局、海关等税务机关征收，弱化中共地方政府官员为地方经济服务的动力，习近平政权还对普通公务员降薪，给军队、应急管理局等和价值创造毫无关系的习近平的锦衣卫加薪，普通公务员会有更多动力去运用手中权力去搜刮地方经济，这种情况导致银行间债券市场投资者不看好部分地方国企的现金流。 花样年华、恒大等企业的债务问题，加大了市场的避险情绪，可能也影响了债券投资者对信用风险、系统风险计量和相关的定价。冲击力大的债务违约事件，既会从量上影响对预期债务违约损失率的计算（预期债务违约损失率受预期债务违约率+预期违约发生时损失大小的影响，既要参考现实因素，也要考虑历史损失率），也会影响风险情绪并影响到风险价格。 再加上美国联邦储备委员会2021年12月会议确定要缩表，同时加息，美联储利率是世界所有金融市场定价的基础，银行间债券市场参与者只能更加谨慎了，宁愿多花时间看看被投资企业的财务报表，也不愿意冒失去流动性以及巨大信用风险损失的风险。看了几家银行间债券市场发债的地方国企的财务报表，普遍存在经营活动现金流为负数或经营活动现金流小于偿付利息的现金流出，还普遍隐瞒关键管理人员薪酬，不披露同属政府控制的银行与该企业的关联方交易，隐瞒政府与该企业之间的土地划拨、出让等关联方交易，存货周转天数下降等问题。 在阅读这些中共国企财务报表时，还发现中国核工业集团有限公司的财务报表连续多年被审计机构出具了实质为无法表示意见的审计报告（表面上看是无保留意见，但是又披露由于中国核工业集团母公司及若干子公司涉及国家机密，由中核集团的内部审计机构开展审计工作）。但中共金融机构仍然给其数千亿元的授信，中核集团也未在财务报表披露中共金融机构对其授信、为其承销债券、提供存款服务等方面的关联方交易。中核集团2020年财务报表肯定存在重大错报。 部分国企的财务报表显示经营活动现金流和投资活动现金流都是负数，就筹资活动现金流为正数，意味着还债、投资和日常营运全靠借款、发债或发行股票。还有一些国企把融资租赁的未确认融资费...