China Crack Down "Covert Coffers" to Curb Corruption

Chinese authorities have uncovered 31.59 billion yuan (5.01 billion U.S. dollars) from 60,722 "covert coffers" illegally held by government departments and public institutions since the country started a nationwide crackdown in 2009, a senior official said on Jan. 17.

A total of 23.52 billion yuan of the illegal funds have been recouped so far, and authorities are working to retrieve the remaining funds, said Wu Yuliang, deputy secretary of the Central Commission for Discipline Inspection of the Communist Party of China.

More than 10,400 people have been punished for setting up such secret accounts, which are often used to embezzle public funds or become a source of bribery.

China launched a nationwide campaign against the illegal money supplies in 2009, targeting government and social institutions and state-owned enterprises, as part of its efforts to fight corruption.

Wu said the operation has prominently curbed the illegal acts, stemmed corruption and purified the social atmosphere.

He also pointed out that the root of the wrongdoing has yet to be eradicated, as problems still exist in a small number of departments and regions. Authorities will continue to work to push forward the crackdown and enhance regular management.

Source: Xinhua