China’s state-owned enterprises face new inspections in crackdown on graft

The mainland’s top graft-buster has announced a round of inspections into 26 state-owned enterprises in an extension to the Communist Party’s crackdown on corruption.

The widening probe would cover all major SOEs and financial firms this year as some enterprises showed “very noticeable” disciplinary problems, said Wang Qishan, who heads the party’s efforts to combat corruption.

Disciplinary problems were common at SOEs, where some leaders had bribed their ways up the party ladder, he told graft investigators yesterday. “Some officials have used their power to buy high and sell low and profited in tenders, benefitting their relatives, children and themselves.”

Wang, a member of the Politburo Standing Committee, heads the Central Commission for Discipline Inspection and also the Central Leading Group for Inspection Work.

Probes into state-run companies and government bureaus have occurred regularly since President Xi Jinping  rose to power in late 2012.

The first round of inspections will involve 13 teams auditing 26 state-owned enterprises. The teams will also receive petitions from the public.