19 November 2018

Rich cut gift list as Beijing attacks corruption, FT says

China’s richest people have sharply cut gift-giving as Beijing clamps down on government officials’ lavish lifestyles underwritten by Chinese businessmen, the Financial Times reported Thursday. The Hurun Report’s 2014 Luxury Consumers Survey said that 25 per cent fewer people plan to give a gift over 5,000 yuan (US$826) for the Lunar New Year than last year, the report said. Overall, their average luxury spending fell by 15 per cent, from 1.77 million yuan last year to 1.5 million this year, “possibly due to the impact of anti-corruption initiatives and a slowdown in the economy”, the report said.

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