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Together with the Finnish Business Council Shanghai, we are happy to have Paul Tan from PwC discuss how to navigate the risks in China.

PwC's Global Economic Crime Survey found in 2020 that 60% of China-based respondents had experienced fraud or economic crime in the last two years, which is significantly higher than the global average at 47% as well as other countries in the region. Common issues in China continue to be:

  • Bribery and corruption
  • Asset misappropriation
  • Accounting fraud

These issues can lead to economic losses, operational disruption and reputational damage for companies as a result of falling victim, and it is to be expected that any impending downturn in the Chinese and global economies could result in more frauds occurring and being exposed. Fraud hits companies from all angles, but collusion is particularly common in China. The survey results indicate that 40% of the most disruptive frauds experienced by companies involved collusion between internal and external parties. A further 41% involved internal perpetrators acting alone.

Foreign companies are particularly at risk of being victims of fraud, especially if greater emphasis is placed on trust rather than effective controls. For instance, it is common for companies doing business in China to rely heavily on third parties (such as suppliers, dealers, agents, distributors and consultants). However, is there sufficient oversight and clarity into business partners? Other common issues in China include fictitious expense claims by employees and off-book income diverted for improper use.

In light of the challenges faced by foreign companies in the current environment, a forensic specialist from PwC will hold a webinar to share China highlights from PwC's recent Global Economic Crime Survey, and to discuss typical issues observed in recent times related to COVID 19, as well as practical insights for navigating the risks.








Paul Tan


Sponsors and Partners

Gold Corporate Partners

A special thanks to our Gold Corporate Partners for supporting the Swedish business community in China.