China aims to cut down on extravagant military spending BEIJING, Jan. 6 (UPI) -- The Chinese military said Monday it introduced new budget rules meant to curb waste and excessive defense spending. The four departments within the People's Liberation Army approved regulations aimed at eliminating waste from military expenses, the official Xinhua news agency reports. Xinhua reported the military is called on to cap its total expenses and cut down on administrative costs. Activities such as private banquets and cash for gifts must be banned completely under the new measures. The Chinese government in November set up a new national security commission tasked with coordinating the country's military affairs. Xinhua reports the new expense regulation is part of an effort to curb what it said was "extravagance" within the Chinese military. The Washington Post in March reported the Chinese government expected military spending to increase by 10.7 percent for 2013. China's 2013 projected military budget of $115.7 billion was one of the highest in the world, but substantially lower than the $656 billion reported from the U.S. military in 2012.