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Golden week sparks retail boom
2007-10-08 03:31:34 Shanghai Daily

ABOUT 350 billion yuan (US$47 billion) was spent across China during the National Day holiday, a 16 percent increase from a year ago, the Ministry of Commerce reported today.

During the seven-day period, provinces such as Shanxi, Jilin, and municipalities including Shanghai and Chongqing, saw retail sales jump between 18.1 percent and 35.2 percent compared with the same period last year, the ministry said.

Commodities including 42-inch flat panel TV sets, double door refrigerators, mobile phones, gold and silver jewelry as well as luxury cars were among the best sellers

Restaurants around the country hosted numerous wedding banquets and family gatherings, which brought them a two-digit growth from a year earlier. In Shanghai, about 30,000 weddings were held over the past seven days. A Shanghai restaurant on the city's famous Nanjing Road W. reportedly earned 64.5 percent more than a year ago.

Meanwhile, edible oil and pork prices slid from a week ago, due to an increase in supply. But the prices of some vegetables, such as cucumbers and onions, soared more than 10 percent from a week earlier.

The central government set up three so-called Golden Weeks in 1999, which include the Lunar New Year and the May Day (Labor Day) vacations, to spur consumption.

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