China Telecom facing high level audit

24 May 2005

China Telecom is undergoing an audit by the country’s highest body, the National Audit Office, which is reportedly examining its 2004 income, expenditure and the economic responsibility of its former director Zhou Deqiang. The audit team will carry out a comprehensive review into the state-owned behemoth, which has assets of CNY540 billion (USD65.3 billion), 21 provincial branches and infrastructure covering 70% of China’s long-distance network. Chinese premier Wen Jiabao has called for improvements to economic audits which he deems useful in ‘evaluating and promoting/demoting cadres’, according to the People’s Daily newspaper.

China, China Telecom Group