[Hong Kong company registration]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.

[Set Up Company Hong Kong]Functionary consumption, also called duty consumption, includes enterprises' spending on cars for public affairs, reception activities, business trips, conferences and office supplies.

[Hong Kong Company Formation]"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.