E&Y gives Chinese firms higher rank in risk prevention

Bribery and corruption remain widespread in many countries around the world and Chinese enterprises' compliance risks are still high amid growing competition and slower economic growth, a new report published by global consultancy firm Ernst & Young said.

The report, released on Wednesday, said that 40 percent of the executives polled for the survey consider bribery and corruption widespread in 59 countries. The survey polled 2,719 executives globally in in-depth interviews including 50 from the Chinese mainland and 50 from the Hong Kong Special Administrative Region between November 2013 and February 2014, covering a wide range of industries, according to the report.

In China, the report said, executives show more willingness to act in a manner that often leads them in the wrong direction. About 46 percent of the Chinese respondents said they are willing to pay money to win/retain business, compared with the global average of 13 percent.