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Shanghai Posts 40 percent Growth in Retail Volume During Spring Festival
Shanghai, the leading commercial and industrial center in China, this 29th reported a 39.5 percent increase in this year's spring festival retail volumes over that of last year.
The Shanghai Municipal Commercial Commission said Monday the retail business volume also represents a 1.7 percent growth over that of last year.
The retail volume from January 20 to 27 for over 2,000 retailers owned by 130 large and medium sized business totaled 2. 393 billion yuan, the commission said.
The spring festival, also known as the Chinese Lunar New Year, is the biggest holiday for the 1.2 billion Chinese and the equivalent of Christmas for Western retailers - a season of intense spending.
This year's week-long spring festival began on January 24.
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