China retail earnings up 8.5% during new year holiday – ministry

SHANGHAI: ’s retailer and catering enterprises earned over 1 trillion yuan ($148.3 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, the Ministry of Commerce said in a notice on its website.

Domestic tourism during the new year break generated total revenues of 513.9 billion yuan, up 8.2% on the year, with the number of trips rising 7.6% to 415 million, the official Xinhua news agency said on Sunday, citing official data. ($1 = 6.7426 yuan) – REUTERS

Source: The Sun Daily

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