China's Communist Party has mandated austerity measures to curb government waste, such as banning lavish meals and travel expenses, emphasizing the need for frugality in tough economic times.
"Recent developments require us to take additional steps to increase our financial resilience in the face of exceptional financial uncertainty," said the letter, which noted that USC received about $570 million in research funding in fiscal year 2024.
"It is expected that in the spring statement, the chancellor, Rachel Reeves, will seek to justify this effective return to austerity by the necessity to maintain iron economic discipline through a rigid adherence to her fiscal rules."
