Amid fear over President Xi Jinping’s corruption crackdown and austerity drive, the government failed to spend the allotted amount for overseas travel, entertainment and vehicles last year, reports the Financial Times. The finance ministry said on its website that the government spent Rmb5.4bn ($835m) of the Rmb6.3bn budget for these perks during 2015. Xi’s wide-ranging campaign against corruption and excess within the Communist party, the government and state-owned enterprises hjas shifted officials’ spending habits, which in turn has shaken luxury goods companies such as Prada and Burberry, which had become reliant on China as a key source of growth.
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