China auditor flagged Bank of China over 2.37 billion yuan tax dodge
Why it matters: The report also cited improper loans at Agricultural Bank and governance failures at China Everbright Group.
China’s top auditor flagged Bank of China, Agricultural Bank of China and China Everbright Group for misconduct as Beijing steps up scrutiny of financial risks. In an annual report released Tuesday, the National Audit Office said Bank of China used two affiliated financial institutions and nominal employee investors to disguise 11 private funds as public ones, helping it avoid 2.37 billion yuan in taxes between April 2023 and August 2025. The auditor also said Agricultural Bank issued 11.07 billion yuan in loans to projects that did not qualify as high-standard farmland developments, with some money later diverted into wealth-management products and debt repayment. China Everbright Group was cited for governance and oversight failures.