CHINA Life Insurance spent the most among 252 publicly-listed state-owned companies in China which splashed out a combined 6.5 billion yuan (US$1.1 billion) on entertaining business partners last year, China Business Weekly said yesterday.

China Life spent 1.4 billion yuan on business receptions in 2012, the magazine reported, citing the annual financial statements of listed companies.

The insurer's spending accounted for 0.3 percent of its business revenue in 2012, under the 0.5-percent upper limit set by law.

China Railway Construction Corp was next with 780 million yuan spent last year, or 0.17 percent of its business revenue.

Construction and manufacturing companies tend to spend the most in business receptions, the report said. It is common that larger companies are more likely to spend more to maintain business relationships and woo partners, the report said, citing an unidentified company official.

The report riled investors and the public as they question the transparency of business deals and how funds are used.