Retail figures sluggish during Chinese New Year

China’s retail sales during the one week lunar new year celebration increased at the slowest rate in four years, Bloomberg reported. The Ministry of Finance said sales at retail outlets and restaurants it polled rose to US$86 billion (RMB539 billion) from February 9 to February 15, a 14.7% increase compared to the same period last year, the ministry said. The rate of growth fell from a 16.2% increase in 2012 and is the smallest rise since a 13.8% gain in 2009. The sluggish pace of growth may be due in part to a campaign started by new Communist Party head Xi Jinping to reduce excessive official spending.