China's top disciplinary body has finished problem-finding inspections at 55 centrally-governed state-owned enterprises (SOEs), said a statement released on Thursday.
The inspections uncovered major problems plaguing many SOEs, including lax adherence to the code of conduct, decadence, illegal and reckless decisions that led to losses of state-owned assets, transferal of substantial benefits to private enterprises, as well as nepotism, said the statement of the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China. Centrally-governed financial institutions will be the target of the next round of inspections, the CCDI said.
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