20-05-2025
No booze, no cigarettes: China orders officials to cut costs amid economic strain
In an effort to cut government spending, China has asked its officials to reduce their spending on travel, food and office space. The effort is being seen as a measure by Xi Jinping and the Communist party to improve the economic conditions and reduce stress on the government's ailing notice issued to officials by the government and the ruling Communist Party covers spending on receptions, alcohol and cigarettes, according to the official Xinhua News Communist government in China has called for strict diligence and thrift, asking officials to be careful while spending government resources and directing officials to reduce extravagance, calling 'waste' a shameful act and the economy 'glorious'.China has, in recent times, faced a drop in revenue from land sales and local governments reportedly face a huge debt President Xi's drive against corruption and display of wealth, the government instructed its officials to 'get used to belt-tightening' in late year, Beijing kicked off its largest effort in years to address risks from local-authority debt, a move aimed at cutting default risks and giving local governments room to support economic growth, reported rules amount to a reiteration of Xi's campaign for officials to cut spending as a drop in revenue from land sales limits budgets and local governments confront a huge debt Monday, the Consumer Staples stocks were the biggest losers amongst the benchmark CSI 300 Index's subgroups, going down by 1.4%, while Kweichow Moutai Co. and Luzhou Laojiao Co. falling by 2.2% and 2.6%, respectively, the Bloomberg report Qi, a member of the Communist Party's powerful seven-member Politburo Standing Committee, also told cadres in Hebei province on Saturday to curb 'extravagant eating and drinking,' according to the official Xinhua News launched a campaign to cut costs shortly after coming to power in 2012, as part of a broader effort to root out government this year's legislative meetings in March, as officials pledged to boost the economy by providing more financial support to the people, the campaign was InTrending Reel
