THE booming economy in China has opened up new opportunities for fraud as well as business - the latest scam involving the use of fake chops.
A Hong Kong China News Agency report said yesterday seal-engraving companies had recorded brisk business in the past two years as the number of new foreign firms soared and many state-owned firms set up new companies in the drive to restructure their operations.
The great demand for seals is also a product of the prevalent bureaucratic style of work in the mainland where dozens of approvals from various authorities are often needed before anything can be done.
''In China, a company of 10 needs to get more than a dozen seals of approval. Some units have placed an order for more than 200 seals,'' the report said.
''Official seals are now seen by some in the mainland as a symbol of money and power.
''For instance, a joint-venture company has to spend tens of thousands of yuan and get more than 400 chops to get the necessary approval for its operation. Although the matter may be urgent, every chop is indispensable,'' it said.