Austerity campaign pinches businesses
High- end restaurants to luxury retailers, are feeling the pinch from the government’s anti-corruption and austerity campaigns.
With China’s biggest holiday starting on Jan 31, companies that print cards and calendars, sell fireworks, distill liquor and offer gift items also are feeling the pinch.
The Commission for Discipline Inspection of the Central Committee of the Communist Party of China, the top anti-corruption body, issued a statement on Nov 21, forbidding the use of public funds for greeting cards, gifts and fireworks.
Customers are still buying fireworks to celebrate the Lunar New Year, or Spring Festival, which begins on Jan 31, but sales are down dramatically from last year. (Photo 2)