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China to Gain $70 Billion From Anti-Corruption Campaign: Reports

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Chinese President Xi Jinping's fight against bribery and corruption could boost economic growth, generating an additional $70 billion for the budget, Bloomberg reported Thursday, summarizing economists' forecasts.

MOSCOW, September 25 (RIA Novosti) - Chinese President Xi Jinping's fight against bribery and corruption could boost economic growth, generating an additional $70 billion for the budget, Bloomberg reported Thursday, summarizing economists' forecasts.

The crackdown on corruption, initiated by Xi in 2012, could trigger a 0.1-0.5 percent increase in the world's second-biggest economy, equivalent to $70 billion dollars, Bloomberg said.

It could also benefit foreign companies operating on the Chinese market, who have experienced the negative effects of the omnipresent palm-greasing, according to Joerg Wuttke, president of European Chamber of Commerce in China.

"It takes the stress away. You're not afraid that somebody gets an order because he found a better champagne or something like that. It's not Singapore yet, but it's a very positive development," Wuttke was quoted as saying by Bloomberg.

Xi's campaign against corruption has affected 480 both high-profile and low-key Chinese officials, with 30 of them holding the position of vice minister or higher, according to Xinhua news agency.

China has been ranked 80th in Transparency International's Corruption Perception Index 2013, below Senegal and Tunisia.

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bribes, budget, corruption, Xi Jinping
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