New rules to regulate local government spending

The Chinese Finance Ministry Wednesday ordered all government bodies at or above county level to make public their budgets and final accounts reports by 2015.

They should also release their budgets and expenditures on the use of public funds for receptions, vehicles and overseas trips, also known as "the three public consumptions," the ministry said.

The move comes as China vowed to cut administrative costs for governments as well as curb extravagance and corruption.

Public institutions, social organizations and companies using fiscal funds allocated by authorities at or above county level should also unveil their spending on the three items, said the ministry.

China's State Council has required provincial-level governments to disclose information on "the three public consumptions" by 2013.