Chinese consumer spending growth over the lunar new year slowed compared with last year in the latest sign that shoppers were feeling the effects of China’s decelerating economy.
Chinese people spent Rmb1.01tn ($149bn) on restaurants and shopping over the week-long new year holiday — a peak period for retail, dining and movie watching — according to official figures.
That was an increase of 8.5 per cent from last year, a sharp drop from 2018’s year-on-year growth of 10.2 per cent and the slowest rate of growth since such data were first tracked, in 2005.
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