The National Audit Office has accused Bank of China of dodging taxes. In its annual report, the audit office revealed that the state-owned commercial bank had used two of its subsidiaries to repackage 11 private equity funds as public investment vehicles, exploiting a regulatory tax exemption to evade 2.37 billion yuan (US$348.8 million) in taxes.This is not an isolated case. It sits at the top of a much wider pattern. Look to the other end of the state enterprise hierarchy and you find...