Summary China's suppliers of shark fin, abalone, pricey liquor and other luxury foods are taking a beating.
BEIJING (AP):-China s suppliers of shark fin, abalone, pricey liquor and other luxury foods are taking a beating after new leader Xi Jinping ordered officials to cut out lavish living.
The Ministry of Commerce said Wednesday business for high-end caterers in Beijing has plunged 35 percent since Xi s order in December.
Xi, who took power in November as Communist Party general secretary, ordered the elimination of banquets and other pomp that has alienated a public that is struggling with high living costs.
During last week s Lunar New Year holiday, sales of shark fin soup at Beijing hotels plunged 70 percent, the ministry said. Sales of abalone and bird s nest soup fell 40 percent.
Makers of expensive liquor have seen sales weaken and some have cut prices by up to 30 percent.
