$1.2b spent on banquets, trips and vehicles

Expenditure on overseas trips, banquets, vehicle purchases and maintenance came to 7.4 billion yuan ($1.2 billion) in 2012, the finance minister said on Thursday.

This was 559 million yuan less than in 2011, said Finance Minister Lou Jiwei in a report to the National People’s Congress Standing Committee.

Lou said nearly 55 percent, 4.1 billion yuan, of the total expenditure goes on purchasing and maintaining vehicles for the government and various agencies.