China Retail Earnings Up 8.5% During New Year Holiday

By Steve Wynne-Jones
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China Retail Earnings Up 8.5% During New Year Holiday

China's retailer and catering enterprises earned over 1 trillion yuan (€131 billion) during the Lunar New Year holiday, defying an economic slump to rise 8.5% from last year, the country's commerce ministry said late on Sunday.

The increase was down to the rapid growth in sales of new-year gifts, traditional foods, electronic products and local speciality products over a six-day holiday period ending on Saturday.

China’s Ministry of Commerce made the announcement in a notice on its website.

Domestic tourism during the new year break generated total revenues of 513.9 billion yuan, up 8.2 percent on the year, with the number of trips rising 7.6 percent to 415 million, the official Xinhua news agency said on Sunday, citing official data.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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