The National Development and Reform Commission has cut a total amount of 800 billion yuan (US$120.48 billion) via cost audits in more than 20 industries during the past four years, said Meng Wei, the spokesman of the commission, Yicai.com reported.

The commission launched a total of 24,000 cost audit programs, covering more than 20 industries, including some monopoly sectors such as electricity, natural gas and railway.

In the case of natural gas, 13 natural gas firms under the supervision have cut 4.6 billion yuan and excluded 18.5 billion yuan in invalid assets. The average price of pipeline transportation of natural gas has thus dropped by 15%.

While in the power sector, a total of 120 billion yuan in unreasonable costs deemed irrelevant to power transmission and distribution have also been removed.