More visitors: Tourists take a gondola ride at Venetian Macao resort and casino in Macau. Almost 900,000 people from mainland China visited Macau during the week-long CNY holiday, up 26 from last year. — Bloomberg
BEIJING: The downward pressure on China’s consumption persisted over the Lunar New Year holiday, the annual festival when people travel, shop, and give gifts or money.
People in China spent 1.01 trillion yuan (US$149bil) at restaurants, shopping malls and online outlets over the the week-long holiday, according to the Ministry of Commerce. That was 8.5% higher than during last year’s festive period, but the slowest increase since at least 2011.
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