In the latest move under China's anti-graft campaign, central authorities issued a regulation to standardize fund management and ban Party and government extravagance on November 25.

The regulation, which contains 65 items and 12 chapters, outlines the proper management of funds for various uses, including official travel, receptions, meetings, official vehicles and buildings.

It is meant to guide Party and government organizations in practicing frugality and rejecting extravagance, and is an important move in the spirit of the recently-concluded Third Plenary Session of the 18th Communist Party of China Central Committee, according to a statement issued by the Party's Central Committee and the State Council, China's Cabinet.

The regulation emphasizes that public offices must first work out an annual budget before spending funds. Funds used before budgeting and overspending are strictly prohibited.