China retail earnings up 8.5 percent during new year holiday: ministry - Business, Financial News and U.S, International Breaking News and more | ReutersHerald

China retail earnings up 8.5 percent during new year holiday: ministry

© Reuters. FILE PHOTO: A customer selects goods at a supermarket in Beijing© Reuters. FILE PHOTO: A customer selects goods at a supermarket in Beijing

SHANGHAI (Reuters) - 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 percent 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 percent on the year, with the number of trips rising 7.6 percent to 415 million, the official Xinhua news agency said on Sunday, citing official data.