China's Central Government Agencies to Cut Spending by 5%

  • Monday, July 8, 2013
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  • Keywords:finance,expenditure
[Fellow]The Ministry of Finance has issued a circular orde
[Ferro-alloys.com]BEIJING - The Ministry of Finance has issued a circular ordering China's central government agencies to cut their general expenditures in 2013 by 5 percent, a move to push the frugality campaign launched by the country's new leadership.
 
According to the circular, a whole slew of fees shall be cut, including money spent on the building and renovation of government offices, meetings, domestic and overseas trips, vehicles and official receptions.
 
The circular also calls for more efficient uses of money by the government agencies, with the aim of improving people's livelihood.
 
China's new leadership, headed by President Xi Jinping, has vowed to fight corruption and extravagance since it took office early this year.
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