Consumer spending during China\u2019s Lunar New Year rose modestly this year, according to early official data, as authorities extended the holiday and stepped up stimulus measures to support domestic demand.<\/p>\n
Average daily sales at major retail and catering firms rose 8.6 per cent year on year over the first four days of the break, Ministry of Commerce data showed.<\/p>\n
Across 78 pedestrian shopping streets and commercial districts monitored by the ministry, foot traffic and sales revenue grew 4.5 per cent and 4.8 per cent, respectively, over the first three days.<\/p>\n
On the holiday\u2019s first day, those figures had surged 23.2 per cent and 33.2 per cent year on year. More comprehensive official data will be released on Tuesday.<\/p>\n
This year\u2019s Lunar New Year featured a nine-day official break, longer than the usual seven to eight days. The festival is one of China\u2019s peak spending seasons \u2013 spanning food, festive goods, entertainment and travel \u2013 and drives the world\u2019s largest annual human migration<\/a> as hundreds of millions of people journey home.Officials have cast the Year of the Fire Horse<\/a> as one of \u201coptimism and opportunity\u201d, and Beijing had sought to leverage the holiday to boost domestic demand in an economy long driven by exports.<\/p>\n Ahead of the break, the Ministry of Commerce launched a nationwide consumption campaign, with local governments allocating 2.05 billion yuan (US$297 million) in shopping vouchers, subsidies and cash incentives.<\/p>\n","protected":false},"excerpt":{"rendered":"Consumer spending during China\u2019s Lunar New Year rose modestly this year, according to early official data, as authorities…\n","protected":false},"author":2,"featured_media":441716,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[5713,84,891,5807,160737,1294,160738,160736,39505,160739,77523,80706,36476,77524,15241,105886,56,54,55,160735],"class_list":{"0":"post-441715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-beijing","9":"tag-business","10":"tag-china","11":"tag-communist-party","12":"tag-dengta-data","13":"tag-economy","14":"tag-guotai-haitong-securities","15":"tag-haikou-customs","16":"tag-hainan","17":"tag-huachuang-securities","18":"tag-lunar-new-year","19":"tag-mid-autumn-festival","20":"tag-ministry-of-commerce","21":"tag-national-day","22":"tag-peoples-daily","23":"tag-spring-festival","24":"tag-uk","25":"tag-united-kingdom","26":"tag-unitedkingdom","27":"tag-zhang-yu"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/441715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=441715"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/441715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/441716"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=441715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=441715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=441715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}