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Beijing News: Ten Listed State-Owned Enterprises Spent Over 2.9 Billion Yuan on Hospitality

On May 13, 2013, Beijing News published an article titled, “Ten Listed State-Owned Enterprises Spent over 2.9 Billion Yuan (U.S. $471,835,800.00) on Hospitality in order to Maintain Good Public Relations.”

In the 2012 annual reports, 1,720 listed companies disclosed a total of 13.3 billion yuan in "Business Hospitality Expenses." The ten companies that spent the most on hospitality expenses were all state-owned enterprises. The hospitality expenses were spent on “eating and drinking.” Since companies are not required to disclose their “Business Hospitality Expenses,” China’s big state-owned enterprises: “China National Petroleum, China Petrochemical, Construction and the Industrial and Commercial Bank of China,” have not disclosed any of this data.

Source: Beijing News, May 13, 203