( Financial Times ) -- Nothing offends a Chinese employee more than cancelling the annual lunar new year party -- a rare chance to eat , drink and win a free iPad or iPhone , courtesy of the boss . But the austerity drive launched by the new Chinese leadership of Xi Jinping , coupled with the economic slowdown , has led government departments and state-owned enterprises across China to cancel or radically scale back new year festivities this year -- the equivalent of office Christmas parties in the West , but often far more lavish . Lunar new year begins this year on February 10 , but banqueting season is normally in full swing at least a fortnight before . Some multinational companies say they are struggling to find any government officials willing to be wined and dined , as they scramble to respond to a fresh call for frugality from Beijing , part of the leadership 's anti-corruption drive . Even private companies are getting in on the austerity act , with some opting to hold their lunar new year parties at fast food restaurants , prompting a backlash from employees on social networking sites . Everyone from caterers to florists , purveyors of fine Chinese wines to watches , report their revenues have been affected by the wave of asceticism . CIC , China 's $ 500bn sovereign wealth fund , opted not to hold a new year party this year . One employee said : `` We have never been extravagant in our nianhui [ new year parties ] , and actually had a really good year last year . I can understand if they wanted to do a smaller nianhui , but none at all is going too far . '' PetroChina , the state-owned oil producer , said some of its celebrations had been cancelled or scaled down . Sinopec , China 's largest oil refiner , said annual celebrations at its headquarters and at some of its subsidiaries had been cancelled . Two years ago , Sinopec claimed that its year-end party , which included comedy skits and singing and dancing routines by staff , was held to encourage the `` spiritual life '' of employees . In Shanghai , employees from branches of Agricultural Bank of China and Pudong Development Bank said their year-end festivities did not take place . One florist at Shanghai Chengzhuang Florist Company , which supplies flowers to hotels and restaurants where business is normally boosted by the parties , said that they were `` greatly '' affected by the cancellations and that their business had been cut by half from last year . On Sina Weibo , the microblogging site , one employee posted pictures of her company 's year-end party at Pizza Hut , while another complained her company party at a five-star hotel took place from 9am to 11am and offered only the most meagre sustenance : `` No gifts , no lunch , no set plate . . . no tea or coffee offered . Everyone only got a mini bottle of mineral water . '' Additional reporting by Simon Rabinovitch , Leslie Hook and Jamil Anderlini . © The Financial Times Limited 2013 .
State-owned firms , government offices scale back Chinese New Year parties this year . Chinese New Year office parties comparable to office Christmas parties in West . CIC , PetroChina , Agricultural Bank of China cancelled some or all new year events . Chinese New Year this year is February 10 .