China retail earnings up 8.5% during new year holiday – ministry
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China’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)
Questions & Answers
Q.What was the total revenue generated by retailer and catering enterprises during the recent New Year holiday?
What was the total revenue generated by retailer and catering enterprises during the recent New Year holiday?
Retailer and catering enterprises in China earned over 1 trillion yuan during the Lunar New Year holiday. This figure translates to $148.3 billion, defying an economic slump to show an 8.5% increase from last year's period.
Q.Which product categories contributed most to the sales growth over the New Year holiday?
Which product categories contributed most to the sales growth over the New Year holiday?
The increase in sales was primarily driven by rapid growth in several key categories. These included new-year gifts, traditional foods, electronic products, and local speciality products bought during the six-day holiday period.
Q.What was the total revenue from domestic tourism during the New Year break?
What was the total revenue from domestic tourism during the New Year break?
Domestic tourism during the new year break generated total revenues of 513.9 billion yuan. This represented an 8.2% increase compared to the previous year, with the number of trips also rising to 415 million.
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