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China Recovers $6.2b in Graft Losses

China Recovers $6.2b in Graft LossesChina Recovers $6.2b in Graft Losses

China has recovered $6.2 billion (¥38.7 billion) in losses from graft, state media reported, as the leadership pursues a campaign against pervasive corruption.

Corrupt officials had to return ill-gotten land and property to the state, the official People’s Daily reported on its website, citing the ruling Communist Party’s top anti-graft body, Reuters reported.

The body said the funds were recovered between a high-profile meeting of party leaders in November 2012 and June this year.

Favored people and businesses given illegal tax breaks have also had to return the money, it added.

Since assuming power in late 2012, President Xi Jinping, who also serves as party and military chief, has pursued a relentless campaign against pervasive corruption, vowing to go after powerful “tigers” as well as lowly “flies.”

The biggest “tiger” snared so far is Zhou Yongkang, 72, who the government said last month had been jailed for life for bribery.

Financialtribune.com