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| China retail sales boom in National Day Holiday |
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China's retail sales hit 14 billion yuan (about 2 billion U.S. dollars) during the first three days of the National Day Holiday, up 15 percent from the same period of last year, the Ministry of Commerce said Sunday. The country's National Day Holiday this year, eight days long, starts on Oct. 1. From Oct. 1 through Oct. 3, China's 1,000 key retailers reported a total of 14 billion yuan in sales revenues, with household electrical appliances, jewelry, autumn and winter clothing, and cars leading the consumption. Suning Appliance, a leading chain retailer of home appliances, reported a 91.7 percent increase in sales revenues on Oct. 2 year on year, and up 25.8 percent for the first three days of the Holiday. This was partly due to a policy approved by the State Council, the Cabinet, in June this year, aiming to spur domestic consumption by subsidizing buyers of cars and household appliances, according to the ministry. For example, consumers can first sell their old household appliances to recycling companies and obtain a certification card from the recyclers. Card holders then can purchase new appliances with a 10 percent cut in prices when showing retailers the card. Meanwhile, sales of unpacked moon cakes of more flavors, such as coffee, chocolate, and even icecream are selling well, and at lower prices, when Chinese enjoy their Mid-Autumn Festival on Oct.3, which overlapped with the holiday, according to the ministry.
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