China's central government has pledged to slash 126 million yuan ($20.38 million) from its spending on public-funded vehicles, receptions and overseas trips this year, a move that experts said lives up to the new leadership's promise to be frugal.

Departments under the central government and organizations that receive public funds are planning to spend 7.97 billion yuan this year to buy and use cars, travel overseas and host meetings - collectively known as "the three public expenses" - the Ministry of Finance said on Thursday.

Spending on public receptions, which decreased 64 million yuan, or 4.3 percent year-on-year, will drop the most among the three.