China Lunar New Year holiday retail sales up 11.2 percent year-on-year

BEIJING – China's retail sales grew 11.2 percent during the week-long Lunar New Year vacation compared with the same holiday period last year, Ministry of Commerce data showed on Saturday.

Revenues of retailers and catering firms grew to about 754 billion yuan (79.09 billion pounds) during the Feb 7-13 "Golden Week" holiday, a ministry statement said.

The holiday is especially important for retailers, which vie for customers by launching promotions and discounts. Millions of people take time off work to travel and generally spend more than usual during the break. –Reuters