Prices of Chinese teas drop after government's austerity drive
Producers of some of China's most renowned foods and beverages are feeling the pinch of a nationwide campaign against extravagance called by China's political leaders. The Chinese government ordered senior officials to reject extravagance, formalism and bureaucracy in a bid to combat corruption and improve working styles. According to reports, this has had a negative effect on prices of premium fish and green tea. Farmers from around the city of Hanghzhou, known to produce the most expensive Dragonwell (Longjing) tea, have seen demand and prices tumble in 2013. Orders for luxury tea boxes, popular with political and business leaders, are down by 40% so far. Prices are also expected to see at least a 10% decrease.