China clamps down on officials' excesses

China introduced regulations to prevent officials at state-owned banks and financial institutions from spending lavishly on property and cars, in a bid to crackdown on executive excesses and corruption, Reuters reported, citing state-run Xinhua News Agency. The Ministry of Finance, the Ministry of Supervision and the National Audit Office together issued 12 regulations, effective in December, which included spending limits on cars for executives at government-owned financial institutions. The guidelines also prevent these officials from using public funds to pay for expenses connected to personal property or extravagant entertainment bills, Xinhua reported. The measures come after Communist Party Chief Xi Jinping spoke out against the disruptive effect corruption could have on national stability. The new guidelines also come amid increasing public resentment over widespread extravagance.