Anti-corruption drive saves state-owned firms billions

BEIJING - Billions of yuan has been saved in China's state-owned firms thanks to more strict auditing rules and bans on extravagance, several companies said on Tuesday.

China Nuclear Engineering Group Co. (CNEC) said it has recovered 1.24 billion yuan ($195 million) that had been lent irregularly to outsiders by subsidiaries and affiliated companies, in a detailed statement posted by the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China.

CNEC also clawed back more than 61 million yuan in salaries overpaid to employees.

CNEC said the inspection has helped it realize that the firm is not "a pure land of peace and serenity".

"There are so many serious problems in our company that we cannot afford to waste any time in fixing them," it said.

Several other major state-owned firms also released detailed statements on corruption and extravagance.