The Chongyang Institute for Financial Studies at Renmin University of China, a Chinese think tank, issued a report "Going Global: Research on International Business Anti-Corruption Rules" on May 13, the first report of its kind in China.

Harold McGraw III, chairman of the ICC, gives a speech during the press conference at the release of the report on May 13, 2014. [Photo/China.org.cn]

As an increasing number of Chinese enterprises become engaged in international business, corruption poses one of the greatest obstacles in their overseas expansion. While some corruption cases can be attributed to business leaders' ethical integrity, others stem from a lack of awareness of international rules and practices. Hence, it is imperative for Chinese enterprises to learn more about international anti-corruption rules and conventions, the report said.

The report translated into Chinese the ICC Rules on Combating Corruption and ICC Anti-corruption Clause, two primary texts on anti-corruption issued by the International Chamber of Commerce, one of the world's largest business organizations.

The report also commented on areas where the international community and Chinese enterprises diverge in rules and practices. For instance, Chinese companies usually keep two account books, while the international community is against this practice. Though cash payments are often adopted by Chinese companies, this is rarely the case in foreign businesses.

"Due to a lack of understanding of the international environment and code of conduct, Chinese enterprises have taken some 'detours' that could have been avoided, one of which is corruption in business. The introduction of the anti-corruption rules has also been made possible because of the high level of attention paid by both the international community and the Chinese government." said Chen Yulu, president of Renmin University of China, member of the Monetary Policy Committee at the People's Bank of China, and dean of the RDCY, during the press conference for the report on Tuesday.

Harold McGraw III, chairman of the ICC, said in his speech that "corruption exists and it exists everywhere" and that the ICC endeavors to make sure that "companies have the ability to conduct business in an ethical way." The introduction of the ICC anti-corruption rules will help promote enterprises' self-discipline and eventually enable them to contribute to the global growth agenda, he said.

The research on anti-corruption rules was carried out jointly by the Chongyang Institute for Financial Studies at Renmin University of China, the International Chamber of Commerce, the China Chamber of Commerce, and the Bank of China.

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