Business / Companies

SOEs asked to reign in spending

By BAO CHANG ( Updated: 2013-01-15 20:48

The State-owned Assets Supervision and Administration Commission has vowed to reduce non-production spending of 118 central State-owned enterprises in 2013 and strengthen the governing of money-losing central State-owned enterprises.

"Functionary consumption of central SOEs should decline this year by simplifying various reception activities and conferences and strictly controlling government-sponsored visits abroad," Wang Yong, minister of the commission, said.

Functionary consumption, also called duty consumption, includes enterprises' spending on cars for public affairs, reception activities, business trips, conferences and office supplies.

"In addition, central SOEs should strengthen efforts on disposing non-performing assets and management of SOEs running under deficit," Wang said, adding that they should take measures to manage inventory and promote capital turnover.

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