Author Topic: Let's being FNG GDDMN Real - the blame for here is on China alone.  (Read 9265 times)

Soul Crusher

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #26 on: April 02, 2020, 07:19:39 AM »
https://www.rfa.org/english/news/china/wuhan-deaths-03272020182846.html


Mofo bat eating cat eating dog and rat eating filthy communists.

loco

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #27 on: April 02, 2020, 09:05:28 AM »
Soul Crusher,

Why don't you tell us how you feel about the Chinese?   :D

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #28 on: April 02, 2020, 09:08:51 AM »
Soul Crusher,

Why don't you tell us how you feel about the Chinese?   :D

I am - they are filthy communists. 

If you are ever in Flushing or elmhurst or queens - etc - it smells like total STENCH!   Disgusting.   Rotten fish, dead dogs and cats, rats and bats.   Gross. 


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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #30 on: April 02, 2020, 12:42:48 PM »
Disaster in motion: 3.4 million travelers poured into US as coronavirus pandemic erupted
ABC News ^ | April 2, 2020 | By Pierre Thomas, Others
Posted on 4/2/2020, 12:53:57 PM by Oldeconomybuyer

An ABC News investigation offers sobering insight into how COVID-19 has spread and penetrated so broadly, so deeply and so quickly in the United States.

Travel data of passengers arriving in the United States from China during the critical period in December, January and February, when the disease took hold in that country, shows a stunning 759,493 people entered the U.S.

"This is an astonishing number in a short period of time, illustrating how globalized our world has become. Just as people can hop continents with amazing ease, the infections they carry can too," said Dr. Vinayak Kumar, an internal medicine resident at the Mayo Clinic and a contributor to the ABC News Medical Unit.

While the majority of the travelers likely went to major population centers like New York, Seattle or Los Angeles, with so many arriving, any of the hundreds of thousands could have gone anywhere in the U.S.

Researchers from Johns Hopkins University said the outbreak could have started as far back as November, and that there may have been hundreds of cases in Wuhan by early December.

ABC News examined data from December, January and February on travelers entering the U.S. from eight of the hardest-hit countries: 343,402 arrived from Italy, 418,848 from Spain and about 1.9 million more came from Britain.

Combined with those from China, that's more than 3.4 million people from just four countries -- nearly half, about 1.5 million, Americans returning home. Travel from Italy and Spain wasn't shut down until March 13, with U.K. arrivals restricted a few days later.

Among the millions of travelers likely were a number of biological ticking time bombs, passengers who'd later infect others at a rate at least double that of the typical flu carrier.

(Excerpt) Read more at abcnews.go.com ...


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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #31 on: April 02, 2020, 12:48:30 PM »
Coronavirus: Countries reject Chinese-made equipment
BBC News ^ | 30 March 2020 | BBC, Staff Writer
Posted on 4/2/2020, 3:08:02 PM

A number of European governments have rejected Chinese-made equipment designed to combat the coronavirus outbreak.

Thousands of testing kits and medical masks are below standard or defective, according to authorities in Spain, Turkey and the Netherlands.

(Excerpt) Read more at bbc.com ...


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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #33 on: April 03, 2020, 12:00:11 PM »
Identity Politics Lied. New Yorkers Died
How identity politics pseudoscience left New York exposed to the Coronavirus.

Thu Apr 2, 2020 Daniel Greenfield 260
Share to FacebookShare to TwitterShare to More34Share to Print

Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is an investigative journalist and writer focusing on the radical Left and Islamic terrorism.

Last year, New York City Health Commissioner Oxiris Barbot was warning that “even brief contact with the police or indirect exposure is associated with lasting harm to people’s physical and mental health”.

“We as a public health department have really been trying to frame criminal justice system involvement as an exposure,” Barbot’s epidemiologist, Kimberly Zweig, claimed.

Zweig had a degree in epidemiology, but her focus was entirely on PTSD and stress. Not on disease.

Why was New York City so badly unprepared for the arrival of the coronavirus? The answer was radical politics. And Barbot and Zweig embodied the public health mismanagement of a radical administration.

Commissioner Oxiris Barbot, the disgraced figure at the center of the city’s coronavirus meltdown, had graduated from the University of Medicine and Dentistry of New Jersey in 1991. She had worked as a pediatrician, before being selected as the Medical Director for the Office of School Health in New York in 2003. Her qualification for the job was unclear and her bio doesn’t list any administrative degrees.

In 2010, Mayor Stephanie Rawlings-Blake chose Barbot as Baltimore's health commissioner. Blake would later become infamous for announcing that she had given the city's race rioters "space to destroy".

The city's murder rate has continued hitting new highs since.

A few years later, Barbot came back to New York City and began working her way up through the Department of Health. When she was named Health Commissioner last year, the big news was that the city had its “first Latina commissioner” who had come out the Bronx housing projects.

Barbot succeeded Mary T. Bassett: a 17-year veteran of the University of Zimbabwe. Bassett had launched the Center for Health Equity and spent her time warning of the public health threat from racism in talks, "Why Your Doctor Should Care About Social Justice", articles, “How Does Racism Affect Your Health”, and research papers, “Uprooting Institutionalized Racism as Public Health Practice.”

As Health Commissioner, Barbot's bio boasted that "she uses a racial equity lens" and credited her with "spearheading the creation of the Center for Health Equity which operationalizes the Department’s commitment to racial justice."

As the coronavirus bore down on New York City, Barbot and the Health Department were busy operationalizing social justice while remaining oblivious to the scientific realities of the pandemic. The department’s focus on health equity required it to discourage recent arrivals from Wuhan from going into self-quarantine or avoiding large public gatherings like the Lunar New Year celebrations.

“We are very clear: We wish New Yorkers a Happy Lunar New Year and we encourage people to spend time with their families and go about their celebration,” Barbot insisted.

A week later, Barbot appeared at a press event promoting Lunar New Year celebrations in Chinatown.

"As we gear up to celebrate the #LunarNewYear in NYC, I want to assure New Yorkers that there is no reason for anyone to change their holiday plans, avoid the subway, or certain parts of the city because of #coronavirus," she insisted.

By then there had already been over 17,000 cases of the Wuhan Virus in China with nearly 3,000 new cases in one day. For the first time, someone outside Mainland China had died of the disease.

Manhattan’s Chinatown, where Barbot had appeared, is one of the densest parts of the city. The old core community where the Lunar New Year celebration is based is a maze of cramped tenements, narrow streets, tiny stores whose counters extend far into the street, and other unsafe conditions

Barbot went on urging people to participate in the parade while spreading misinformation about the risk. “You won’t get it merely from riding the subways – you get it from secretions,” she even claimed.

The commissioner went on with the happy talk in March.

After the first coronavirus case in the city, she claimed that "disease detectives" would prevent the spread of the coronavirus and that New Yorkers were "at low risk".

"As we confront this emerging outbreak, we need to separate facts from fear, and guard against stigma and panic," Commissioner Barbot signed off: warning that the real enemy was prejudice.

“There’s no indication that being in a car, being in the subways with someone who’s potentially sick is a risk factor,” she told New Yorkers.

Four days later, she finally admitted, “It’s not just prolonged household contact as we initially thought. We have evidence that there are other types of interactions that can occur that can transmit the virus.”

Barbot and her boss, Mayor Bill de Blasio, had been spreading dangerous nonsense with no scientific basis. When asked about some of her claims at a press conference, she said, “This is a novel virus that we’re still learning a lot about.”

That was better than Bill de Blasio who, when asked how Barbot's Department of Health had decided that the virus dies quickly in the air, rambled, "All information is valuable, but the information that we’re gleaning from our own direct experience is the most valuable to us.”

Had New York City’s health authorities lost their minds? Not exactly. They had enveloped their medical decisions in a fog of identity politics pseudoscience which had redefined medicine around equity.

That was Barbot’s real job. The obsession with equity in everything had been the signature of the entire De Blasio administration. Just as Marxists had used class as the master theory explaining all the problems of human history, radicals in this country had redefined racism as the explanation for all ills.

To Barbot and De Blasio, the coronavirus wasn’t the real threat, racism was. Their job was to suppress overreaction to the coronavirus by persuading New Yorkers that there was no real risk of contagion.

The actual science, objective research, was irrelevant compared to the city’s own truths about racism.

In the midst of the pandemic, this may seem inconceivable, but all that happened was that New York City’s leaders applied the same approach to the coronavirus that they had used for crime and terrorism.

When it came to terrorism and crime, the policy had been to minimize the risk, cover up actual cases and to warn against prejudice toward communities likely to engage in crime or terrorism. This approach had failed miserably in preventing crime or terrorism, but the actual scale of the damage had not been so devastating as to actually make a major dent in daily life in New York City.

New York City’s Health Department had already medicalized this approach with HIV. Last year, the Health Department was back to running ads encouraging sex with HIV positive people.

"This new U = U campaign underscores the fact that people living with HIV have more choices than ever before,” Health Commissioner Dr. Oxiris Barbot boasted. “With a sexual health plan that includes taking HIV medication, regular medical care, and using condoms, New Yorkers with HIV can live long, fulfilling, and healthy lives with the options they have now.”

“People living with HIV are lovable, touchable, and should feel confident that, with effective treatment, they can live free of the concern of transmitting the virus," Dr. Demetre Daskalakis, Deputy Commissioner for the Health Department’s Division of Disease Control added.

The difference with coronavirus was how quickly the risk of a disease outbreak turned into the reality.

New York City’s politicized government had inhabited its own bubble in which filling the streets with criminals, protecting terrorists and illegal aliens, or encouraging unsafe sex, was ideologically correct. And the casualties of this ideological destruction, whether bicycling tourists in Manhattan, young gay men, or young women in Central Park, were easy enough to bury in press releases full of Newspeak.

But the coronavirus crisis did not work that way. And Barbot and De Blasio were behind the curve. The radicals running the city were not only out of step with science, but with the rest of the country.

By the time reality, in the form of angry editorials, state action, local protests, intruded, it was too late.

The coronavirus outbreak has exploded in New York City. And everyone has gone all in on the cover-up. The inept De Blasio administration, which didn’t bother ordering protective equipment until March, when it was still assuring New Yorkers that there was nothing to worry about, has been blaming Trump.

But that’s a mistake.

The coronavirus pandemic contains important lessons. Trying to suppress those lessons will carry an even heavier price. The price can be postponed, but the interest rate on it will be even higher.

New York City’s dense grid, its cramped public transportation, and large foreign population put it at risk, but it was an ideological contempt for objective science by identity politics radicals that left it naked.

The Chinese Communist leadership had refused to believe that a virus could take off in their perfect system. Ideology blinded them to the outbreak the same way it did their leftist counterparts in New York City who were obsessed with making sure that the Lunar New Year celebrations went forward in their perfect utopia to prove that science doesn’t matter and that the only real virus is racism.

Mayor Bill de Blasio had dismantled the city’s Department of Health, replacing its personnel with unqualified hacks whose job was to medicalize social justice, and warn of the public health threats of the police, or hair discrimination, while assuring city residents that they had nothing to fear from COVID-19.

New York City Health Commissioner Oxiris Barbot warned New Yorkers that brief contact with the police was dangerous, but that brief contact with people infected with the coronavirus wasn’t.

Identity politics lied. New Yorkers died.

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #34 on: April 06, 2020, 05:58:12 AM »

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #35 on: April 06, 2020, 07:36:39 AM »
Communist China Was Always One Lab Accident Away From Becoming a Supervillain
 BY BRYAN PRESTON APRIL 5, 2020CHAT COMMENTS


Medical workers of the Union Hospital with the Tongji Medical College of the Huazhong University of Science and Technology in Wuhan participate in a ceremony to form an "assault team" to battle against a coronavirus epidemic(Cheng Min/Xinhua via AP)


The findings are clear: A deadly virus that could kill untold numbers of people worldwide escaped from a Chinese research lab.

Chinese health officials have confirmed four suspected cases of severe acute respiratory syndrome (SARS), including one death, which appear to have been caused by a safety breach at a laboratory... It's the first SARS death reported since the World Health Organization (WHO) declared the initial SARS outbreak more than nearly a year ago.
That's from BioSpace, 2004. The words may have changed over the past 16 years, but the song remains the same.

There were also reports that officials  may have encouraged doctors not to report new cases when SARS spread to Beijing. In April 2003,  Time magazine obtained a letter from Jiang Yanyong, a physician at an army hospital in Beijing, alleging the actual number of SARS cases in the capital city was much higher than the official count. This turned out to be true, and Chinese officials released the real numbers that month (and also began to  monitor Jiang).
The common denominator here is the communist party that rules China with its jade fist. Just read this comprehensive timeline of the COVID outbreak by Jim Geraghty. While there is still debate over whether the novel coronavirus leaped from animal to human in a "wet" market or from a Wuhan research lab, it's clear that the communists' lies made the situation far worse than it should have been. The world lost weeks thanks to China on the one hand and the execrable World Health Organization on the other. The latter played sock puppet for the former, blandly assuring the world that COVID-19 posed no threat even while it was spreading worldwide on airplanes from Wuhan bound for everywhere.


Call it the Kung Flu, the Shanghai Shivers, the Wuhan or Chinese virus, or COVID-19 -- whatever you want -- communist China lied and so far thousands worldwide and the global economy died. The interconnected world has two main hubs, the United States and China. What happens in one will affect the other, as long as China remains the world's manufacturing and supply hub. You cannot buy antibiotics, Nike shoes, or untold thousands of other products we use every single day that did not originate in part or in whole in China.

Geraghty's timeline does leave out a couple of dates that bear mentioning. The Democrats in the House passed the articles of impeachment against President Trump on December 18, 2019. On January 15, after sitting on those articles across the holidays, they walked them over to the Senate while the mainstream media gushed over the solemnity of the occasion.  That same day, the first human carrying the coronavirus landed in the United States. He traveled here from China, as thousands did every day. Of course, no one knew he was carrying the deadly virus at the time. China and the WHO were still lying about the outbreak.


The impeachment saga lasted until February 5, 2020. Of course, President Trump and his core team were focused nearly exclusively on that, while at the same time they had little choice but to rely on what the WHO was saying about what was happening in Wuhan. Virus outbreaks come and go and none have caused a global crisis in more than a century. Impeachment was an immediate existential threat to Trump's presidency and a political act designed to destroy him. When President Trump announced the China travel ban on January 31, the Democrats and the media carried China's water and denounced the action as an attack on immigrants. As if business travelers and tourists are the same things as immigrants.

Joe Biden was among the first to denounce the move as "xenophobic" "fear-mongering."


Joe Biden

@JoeBiden
We are in the midst of a crisis with the coronavirus. We need to lead the way with science — not Donald Trump’s record of hysteria, xenophobia, and fear-mongering. He is the worst possible person to lead our country through a global health emergen


That didn't age well, did it? Neither has impeachment. The Democrats have since changed their tune on the travel ban, but have they changed their thoughts on China?


The 2002-2003 SARS outbreak could have served as a wake-up call to never trust China on matters of science and public health. They lied then. But it can also be seen in another light. Presidents are briefed on emerging threats every day and must choose which ones to act on. The SARS outbreak's death toll was under 9,000 worldwide. There were only 8 cases in the United States and none of those were fatal. Early on, thanks to China's perfidy and the WHO's statements, the COVID-19 outbreak looked very similar to SARS.

And President Trump faced a more immediate threat in the form of impeachment. Of course, that political show had an impact. There really should be no credible debate on that point.  The Democrats knew the GOP-controlled Senate would never convict him. The point of impeachment, its whole purpose, was to cripple Trump as president heading into the 2020 election.

Looking forward, we need clear and unified thinking in the West when it comes to China. The communists suppress open media and all dissent domestically. The left ought to hate that. They lie for any reason and no reason at all. They punish scientists for discussing facts. They bury findings that don't suit them. The coronavirus outbreak has exposed both the WHO and the UN Human Rights Council as bad and unreliable actors who favor China's communists over their own credibility. The Hong Kong protests exposed much of the western media and even the NBA as cowards more concerned with their bottom lines than the freedoms they rely on to exist. China has used the wealth generated from becoming the world's manufacturer to buy influence across the world with its Belt and Road programs and to undermine American influence at the same time.

Only Richard Nixon could have gone to China, but that trip may have turned out to be his greatest mistake. Decades later free Taiwan is marginalized, Hong Kong is under threat and the communists in Beijing are more influential, richer and more powerful in overt and insidious ways than ever. The whole world is reeling thanks to China's rulers. In every way, as long as communists rule China, it should be viewed as a hostile and unreliable entity -- villainous in the extreme and an enemy of freedom, decency and human dignity.

*The title of this post is a paraphrase of a joke from the Big Bang Theory TV show.

Bryan Preston is the author of Hubble's Revelations: The Amazing Time Machine and Its Most Important Discoveries.

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #36 on: April 06, 2020, 08:21:13 AM »
Boris Johnson's government reportedly believes the coronavirus may have accidentally leaked from a Chinese laboratory
Business Insider via Yahoo ^ | 4/6/2020 | A. Payne
Posted on 4/6/2020, 10:53:39 AM by TangledUpInBlue

The UK government reportedly believes the coronavirus outbreak may have started in a Chinese laboratory.

Most experts believe the outbreak began when animals passed COVID-19 onto humans in China.

However, some scientists believe an accidental leak is a plausible alternative theory.

UK officials are not ruling out the possibility that a laboratory close to Wuhan accidentally leaked the virus.

A UK Parliament committee on Monday accused the Chinese government of spreading "disinformation" about the origins of the virus.

"Perhaps it is no coincidence that there is that laboratory in Wuhan," one UK government official told the Mail on Sunday newspaper.

(Excerpt) Read more at us.yahoo.com ...

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #37 on: April 07, 2020, 01:04:45 PM »

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #38 on: April 07, 2020, 01:28:17 PM »
https://www.breitbart.com/asia/2020/04/07/report-wuhan-funeral-homes-burned-people-alive


If true - IF  . . .

Not surprising at all. 

These chinese communists are disgusting rat people. 

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #39 on: April 07, 2020, 01:47:50 PM »
https://www.breitbart.com/asia/2020/04/07/report-wuhan-funeral-homes-burned-people-alive


If true - IF  . . .

Not surprising at all. 

These chinese communists are disgusting rat people. 

Kind of hard to get away with something like that these days.  But who knows. 




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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #43 on: April 10, 2020, 07:23:17 AM »

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Re: Let's being FNG GDDMN Real - the blame for here is on China alone.
« Reply #49 on: April 13, 2020, 08:51:45 AM »
Coronavirus Exposes Another Chinese Communist Scandal: Rampant Corporate Fraud
The Federalist ^ | 04/13/2020 | Helen Raleigh
Posted on 4/13/2020, 10:19:29 AM by SeekAndFind


If Beijing doesn't change its policies and address corporate fraud immediately, investors might never touch stocks of Chinese companies again.
Beijing may pretend it has the coronavirus pandemic under control and insist there are no new infected cases. This week alone, however, the news of notorious accounting scandals in regard to two U.S.-listed Chinese companies surfaced, exposing yet another sickening event that has unraveled in China.

Luckin Coffee is a two and a half-year-old startup coffee chain in China founded with the intention to overtake American coffee chain Starbucks. Luckin’s growth speed has been astounding, from nine locations in 2017 to more than 4,500 locations across China in 2020, compared to Starbucks’ 4,200 locations.

Luckin boasts its success as being more of a technology company than a coffee company; customers use an app to order drinks, and the company uses the data it collects and artificial intelligence to improve its operations. Like many home-grown brands in China, Luckin’s impressive growth was achieved by underselling its competitors. Luckin’s coffee tastes average, but it is unbelievably cheap. Luckin’s latte costs about $1 versus $4 at Starbucks.

Luckin’s Luck Ran Out
Luckin was listed in the NASDAQ stock exchange in the United States in May 2019, giving the startup new access to foreign investors and additional credibility. It quickly attracted sophisticated investors such as BlackRock and Singapore’s Sovereign Wealth Fund.

The valuation of the company skyrocketed. At its height, it was worth about $5 billion with a share price of $51. Last quarter, the company claimed it was growing comparable-store sales by 166 percent, while more than doubling the number of new Luckin Coffee stores.

In the real market, however, when a company opens a large number of stores in the same geographical location, the comparable-store sales usually suffer because newer locations will attract more foot traffic. Luckin’s magnificent growth, therefore, seemed suspiciously unrealistic. Turns out, it was.

In January of this year, the U.S.-based Muddy Waters Research, a short seller that profits from exposing corporate frauds, said it received an anonymous report, which stated that “when Luckin Coffee went public in May 2019, it was a fundamentally broken business that was attempting to instill the culture of drinking coffee into Chinese consumers through cut-throat discounts and free giveaway coffee. Right after its $645 million IPO, the company had evolved into a fraud by fabricating financial and operating numbers starting in [third] quarter 2019.” The report went on to list other alleged fraudulent activities the company was involved in, while raising questions about some key management personnel’s troubled histories.

Luckin quickly “categorically denied” the anonymous report, claiming “the methodology of the Report is flawed, the evidence is unsubstantiated, and the allegations are unsupported speculations and malicious interpretations of events.”

The spread of the Wuhan coronavirus in the following two months took some spotlight away from Luckin. Then on April 2, all hell broke loose for the company. Through a regulatory filing, Luckin disclosed it found that its chief operating officer, Jian Liu, and several employees who directly reported to him had fabricated 2019 sales by about 2.2 billion yuan ($310 million). Since the company had previously reported that its net sales for the first nine months of 2019 were 2.9 billion yuan ($413 million), this revelation means the majority of Luckin’s 2019 sales numbers were fake.

Luckin’s stock price plummeted more than 80 percent that day, wiping out more than $2 billion from its market value and causing significant losses for many foreign investors, including Americans. Then on April 6, U.S. bank Goldman Sachs disclosed that Luckin’s Chairman Charles Zhengyao Lu defaulted on a $518 margin loan. NASDAQ ultimately halted the trading of Luckin stock the same day.

Bad Things Come in Threes
Luckin wasn’t the only Chinese company recently exposed for corporate fraud. Less than a week later, another U.S.-listed Chinese company, TAL Education Group, one of the largest education providers in China that offers K-12 after-school tutoring services, revealed on April 8 that one of its employees had inflated the company’s sales by “forging contracts and other documentations.” The share price of TAL dropped 23 percent in one day.

The company said the employee in question was in police custody, but according to short seller Muddy Waters, TAL’s problem was way worse than what the company had disclosed. In 2018, Muddy Waters published a report alleging the company had “overstat[ed] its net profit by at least 43.6 percent” and “inflat[ed] its 2016 to 2018 pre-tax profits by up to US$153.2 million, or 28.4 percent.”

Back then, TAL denied any wrongdoing, saying the report contained “numerous errors, unsupported speculation and malicious interpretations of events.” Now it seems Muddy Waters was not only right but two years ahead of everyone else in recognizing TAL’s fraudulent activities.

Bad things usually come in threes. This week, Muddy Waters joined another short seller, Wolfpack Research, and accused the NASDAQ-listed Chinese video streaming company iQiyi of making up its 2019 revenue by up to 44 percent, while inflating its user number by 60 percent. For now, iQiyi is vigorously denying any wrongdoing. Investors will have to wait and see how long that will last.

Chinese Laws Facilitate Scandal
For foreign investors, the dependability of Chinese companies’ financial statements has always been a serious issue. The running joke about Chinese companies is that they have three sets of accounting books: one for the regulators, one for the investors, and one for the managers — and only the last contains the true information. In 2018, the Wall Street Journal reported that auditors declined to endorse 219 annual reports prepared by Chinese companies, which means these auditors either found serious issues with those reports or had expressed concern about the companies’ likelihood of survival.

Unfortunately, some of China’s home-grown accounting and auditing firms are just as unreliable as their corporate clients. Rather than acting as gatekeepers, these firms have turned a blind eye to their clients’ fabricated financial statements. The problem has become so impermissible and so prevalent that last year, the China Securities Regulatory Commission launched investigations of China’s homegrown accounting firms Ruihua and GP for suspected violation of securities law.

According to the Wall Street Journal, the Chinese authorities’ investigation found that one of GP’s corporate clients inflated its cash holding by $4 billion, and one of Ruihua’s corporate clients overstated its profit for four years until 2018 by $1.7 billion. As a result of these investigations, at least 23 of Ruihua’s corporate clients either delayed or canceled their fundraising plans.

While Beijing attempts to address corporate fraud by cleaning house from time to time, it is ultimately responsible for fostering such bad corporate behaviors in its policies. Chinese law requires that financial records remain in China. Beijing has prevented the U.S. Securities and Exchange Commission and the U.S. accounting board from inspecting China-based auditors of U.S.-listed Chinese firms by invoking national security concerns.

Foreign investors have limited legal resources to hold these Chinese companies and their management accountable. Because Beijing actively shields Chinese firms from U.S. regulators, these companies have no incentives to provide a true picture of their financial health to investors.

Coronavirus Exposes Corporate Fraud
While corporate fraud is nothing new in China, the coronavirus outbreak helped bring this new wave of scandals to light. China’s economy collapsed after the two months of lockdown. Corporate fraudulent activities that were previously easily disguised in a growth environment suddenly have nowhere to hide.

Just like how the 2008 financial crisis brought down Bernie Madoff, more scandals will likely emerge after the coronavirus outbreak. As Warren Buffett once said, “You only find out who is swimming naked when the tide goes out.”

China needs foreign investors to revive its economy, but these corporate scandals, along with reports of faulty exports of medical equipment, don’t help instill any confidence in investors. We already know that China’s official coronavirus-related data is not reliable. Now investors are questioning if that is also the case with financial data of Chinese companies. Beijing can no longer hide behind its nationalistic rhetoric and dismiss these concerns.

If Beijing doesn’t change its policies and address these corporate scandals immediately, by the time the pandemic is over, investors might not touch stocks of Chinese companies ever again. That will truly devastate China’s economy.