China National Petroleum Corp, China’s largest oil company, is shedding a raft of non-core businesses, including a chain of hotels and a taxi business, as state-owned companies come under pressure from the government to dispose of lucrative but often corrupt enterprises.

China’s two-year, anti-corruption drive has targeted the perks of office of government and state-owned enterprise employees, ranging from annual New Years’ banquets and gifts of mooncakes to company trips, expensive meals and privileges that allow people employed by the Chinese state to enjoy a quality of life well above their official salary levels.

The result has been a sharp slowdown in demand for Swiss watches, foreign wines and other high-end products in China, previously one of the fastest growing markets for luxury consumer goods in the world.