Caixin
Feb 11, 2019 07:29 PM
BUSINESS & TECH

Holiday Spending Bodes Poorly for China’s Economy This Year

Photo: VCG
Photo: VCG

Just as waistlines grow as families gather to celebrate the Lunar New Year, traditional expansion occurs in the amount that Chinese spend on food, gifts and goods. Yet while such spending rose 8.5% as China welcomed the Year of the Pig last week, it was the slowest rate of growth since at least 2011, reflecting wider troubles in China’s economy.

For the first time lunar new year spending broke the trillion yuan barrier, with 1.01 trillion yuan ($149 billion) being spent during the Lunar New Year celebration, which ran from Feb. 4 to Feb. 10 this year, according to the Ministry of Commerce (link in Chinese). The ministry said growth was “steady and rapid,” without acknowledging the slowing growth rate.

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