File - Funerals for Chinese officials have often been lavish affairs, with gifts to mourners and live bands.
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Zhang Hongbao, who's run a funeral home in Shanghai for more than a decade, says he can't recall the last time business was so dead.Zhang, who says profits have fallen 20 percent in the past year, illustrates how President Xi Jinping's drive to root out corruption is morphing into a broader austerity campaign that's spreading to small businesses in the world's second-largest economy.Overall, 2013 saw China's 116 billion yuan ($19 billion) luxury market grow at the slowest pace this millennium, according to Bain & Co.Not everyone's been hurt, as Coach Inc., whose bags are cheaper than those at Gucci stores, saw China sales rise at least 25 percent in the last three months of 2013 . Zhang, the legal representative at Shanghai Qizhe Shiye Ltd., said sales of fireworks this holiday season tumbled almost 40 percent from a year earlier. Sales to corporate customers, mostly to government and state-affiliated companies, plunged about 60 percent, he said.
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