With the new year underway, listed companies in China are scrambling to whitewash their balance sheets from 2012 in order to present a positive image to investors and avoid delisting. In fact, during December, many businesses - including 95 enterprises teetering on the brink of having their public listings pulled - asked the government for subsidies to help them shore up their financials.

Many businesses in China would not be able to survive unless the government was there to throw them a financial lifeline. Yet, the money that the government extends to keep the economy afloat and maintain local jobs has created a culture of dependence within the country's business community.

During periods of economic weakness, such as the one seen last year in China, it's understandable if the government offers subsidies to help certain companies through trying times. It's totally unacceptable and improper though for the government to keep handing over money to loss-making companies year after year.

The author is Su Yu, a commentator.