September 16, 2015 / 2:21 AM / 2 years ago

China's finance minister wants better corruption fighting mechanisms

SHANGHAI (Reuters) - China’s finance ministry must make better use of corruption inspections and take the work of inspections to a new level, the ruling Communist Party’s top anti-graft watchdog quoted finance minister Lou Jiwei as saying on Wednesday.

A Chinese national flag flutters at a construction site for a new residence complex in Beijing November 4, 2013. REUTERS/Kim Kyung-Hoon

Chinese President Xi Jinping has launched a sweeping crackdown on deep-rooted graft since taking over the party’s leadership in late 2012 and the presidency in 2013. Dozens of senior officials have been investigated or jailed.

Lou said the ministry should “resolutely carry out Ministry of Finance inspection work” and use discipline inspections and rules “to restrict the behavior of party cadres”.

Ministry corruption inspectors should use inspection results in evaluating and promoting officials, Lou said without elaborating.

China’s financial regulators have been under heavy pressure since stock markets began to tumble in mid-June after a long bull run. Lou made no mention of the market turmoil.

Reporting by John Ruwitch; Editing by Paul Tait

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