Turning 11 private equity funds into public funds to evade taxes of 2.367 billion yuan, Bank of China responds.

On June 23rd, the National Audit Office website published the "Report on the Audit of the Implementation of the Central Budget and Other Fiscal Revenues and Expenditures in 2025 by the State Council". In the "Financial Risk" section of the report under "Major Risk Audit Situations," a issue was pointed out as "improperly profiting from financial preferential policies". It mentioned that from April 2023 to August 2025, the Bank of China arranged two subordinate financial institutions as channels to package 11 private equity funds as public funds by adding a large number of investments from the bank's employees ranging from 1 to 100 yuan, taking advantage of the policy exemption from income tax for public funds to evade taxes of 2.367 billion yuan. In response to this, the Bank of China stated that it sincerely accepts audit supervision, attaches great importance to the issues raised by the audit, deeply analyzes the reasons, insists on immediate action and improvement, elaborates and makes clear measures, and solidly promotes rectification.