Honesty is for suckers, Shanghai survey shows

Honesty is for suckers, Shanghai survey shows

Staff Reporter

2013-11-27

According to a survey conducted by the Shanghai Academy of Social Sciences in 2011, 90.2% of participants believed that people who are honest and trustworthy place themselves at a disadvantage, reports the Beijing-based Economic Information Daily. Meanwhile, recent surveys conducted by the Chinese Academy of Social Sciences showed that about 70% of those surveyed do not trust strangers.Many games based on deception have also become popular in recent years, in which the ability to lie is an important key to success, while cheating in exams at universities, high schools and even primary schools is now commonplace across the country. In an extreme case in June this year, students at the Zhongxiang Third High School in central China’s Hubei province attacked their teachers who scuppered their attempts to cheat

When searching for “writing research papers” on China’s largest search engine Baidu, more than 20 million results appear, with the first page showing intermediary organizations offering to write research papers on behalf of students. One unnamed agent said they have established channels to handle all kinds of written assignments and research papers for students or researchers, charging according to the requirements.

During exam periods at many schools or even in judicial exams, many ads appear online claiming to offer the answers to the tests. A graduate from Beijing surnamed Lin said one of his classmates seldom studied but bought exam answers from an intermediary to achieve high scores and later enrolled in graduate school.

Lu Xiaowen, deputy director of the Institute of Sociology at the Shanghai Academy of Social Sciences, warned of dangerous consequences for society if dishonesty and untrustworthiness become the norm.

Public confidence in the judiciary is an important part of the social contract, but there are rising instances of false lawsuits in which people pursue a suit based on what they know to be fictitious claims.

Since 2011, prosecutors in eastern China’s Jiangsu province have uncovered over 1,563 false lawsuits involving 390 million yuan (US$64 million).

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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