China: Party's Over

Companies all over the world canceling holiday office parties, Wall Street executives giving up bonuses -- it's clear we are living in a new age of frugality.

The latest proponents of thrift are Chinese government officials. With its once red-hot economy slowing down, the ruling Communist Party has issued a warning to officials to avoid conspicuous consumption as the Chinese New Year approaches.

According to a circular issued this weekend by the Communist Party of China Central Commission for Discipline Inspection and the Ministry of Supervision, "Officials should live a frugal life and rule out extravagance and waste," the official Xinhua news agency reported.

"Feasts, sightseeing and gift-giving with government money are absolutely forbidden."

The exhortation comes as government corruption persists despite a number of crackdowns. The Year of the Ox begins on January 26, and gifts and parties by government officials are common around the lunar new year.

China could take a page from Mao's little red book for its new-found official thrift: "The principle of diligence and frugality should be observed in everything," Mao proclaimed.