New rules to limit lavishness hit Chinese public sec - leatherbiz: Lea Leatherbiz

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New rules to limit lavishness hit Chinese public sector

01/10/2012
China’s central government has put into effect new rules on public spending that aim to promote a more frugal and transparent approach on the part of officials.

One of the restrictions, which came into force on October 1, is a limit on overseas travel for government officials. Many luxury leathergoods brands have found Chinese visitors to Paris, London, Milan, Florence, New York and other western cities to be excellent customers in recent years and the industry is likely to feel the effect of the frugality being imposed on the public purse as the government prepares for its once-in-a-decade handover of power at the top.


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