$38 billion state funds misused: China's chief auditor

BEIJING: China's top auditing body has found misuse of over $38 billion funds in its latest audit leading to investigations against 321 officials, state media reported today.

Liu Jiayi, head of the National Audit Office (NAO), said at the national auditing work conference that in the audit inspection conducted on more than 20,000 officials, they found misused funds to the tune of more than 250 billion yuan ($38 billion).

NAO had handed over 321 officials and related staff to judicial and discipline inspection authorities, the Global Times quoted Liu as saying.

Audit authorities have been promoting the efficient use of funds, the smooth implementation of projects and identifying malpractices, Liu said, adding that authorities have audited 700,000 companies or institutions and retrieved over 1.7 trillion yuan.

"The top auditor has played an important role in cracking down on corruption. And the Party strengthened its anti-graft campaign in 2015 by arresting corrupt officials and punishing them," Deng Lianfan, an anti-corruption expert from Hunan Province, told the daily.

In 2015, more than 30 ministerial level officials from 31 provinces were placed under investigation for violating ruling Communist Party disciplines, and the anti-corruption campaign expanded to other branches, including the military, judicial departments, state-owned enterprises and regulatory agencies.

Thousands of officials at various levels have either been punished or faced anti-graft investigations since Chinese President Xi Jinping took over power in 2013.

The campaign was expected to carry on next year as well, the report said.