Falling for austerity hook, line and sinker

New leader Xi Jinping's December clampdown on exuberant entertaining by the mainland's seven million government officials seems to have worked.

Shanghai's gourmet restaurants and posh hotels have seen business slump 20 per cent since officials were limited to four courses plus soup, with no more claret and expensive spirits.

So reported Shanghai Daily, with the austerity drive so far costing city eateries 60 million yuan (HK$74 million). The end of the gravy train means hotels and restaurants must recoup lost revenue with creative cost-cutting.

via Business feed http://www.scmp.com/business/money/wealth/article/1187872/falling-austerity-hook-line-and-sinker