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China's Holiday Sales Grow At Slower Pace

China's retail sales increased 14.7 percent during the week-long Lunar New Year festival underpinned by jewelry sales, data from the Commerce Ministry revealed Saturday.

However, overall sales growth was slower than the 16.2 percent rise seen during the last year's festival season.

Sales totaled CNY 539 billion for February 9-15. Sales of jewelry surged 38.1 percent and food sales grew 9.8 percent.

According to official data, inflation slowed to 2 percent in January from a seven-month high on easing food inflation.

In the fourth quarter, the economy expanded 7.9 percent, ending seven-quarters of slowdown.

by RTTNews Staff Writer

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