A third consumption boom is in full swing in China, as consumers there loosened their purse strings, spurred by Government measures to boost their disposable incomes.
Shanghai folks went on a shopping spree during the three-day New Year break. In those three days, residents and visitors to Shanghai spent 1.6 billion yuan (RM747mil) on shopping and dining.
In some ways, this may explain China’s third ranking in terms of retail sales, behind the United States and Japan, but ahead of Britain and France.
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