Date
27 May 2017
A fire dragon dance is performed during the Lunar New Year celebrations in Neijiang, Sichuan province on Friday. Photo: Reuters
A fire dragon dance is performed during the Lunar New Year celebrations in Neijiang, Sichuan province on Friday. Photo: Reuters

China Spring Festival retail sales up 11.2%

China’s retail sales rose 11.2 percent during the weeklong Spring Festival compared with the same holiday period a year earlier.

Retail sales and restaurant receipts reached 754 billion yuan ($115 billion) during the week that started on Feb. 7, the eve of the Lunar New Year, Bloomberg News reported, citing a statement from the Ministry of Commerce.

This year’s growth was similar to the 11 percent increase posted in last year’s holiday period.

Box-office sales at the country’s cinemas over the first three days of the Lunar New Year surged to nearly 1.7 billion yuan, up about 80 percent from a year ago, the statement said.

Total ticket sales over the first three days of this year’s Lunar New Year almost equaled the total for the whole week-long holiday last year, according to the statement.

Services for the first time generated more than half of China’s gross domestic product last year, at 50.5 percent, in line with the country’s move to restructure the economy towards services and consumption.

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CG

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