According to recent figures from the Ministry of Commerce of China, the week-long Chinese New Year holiday from January 25 to January 31, 2009, harvested CNY290 billion yuan ($42.4 billion) in retail sales, representing an increase of 13.8 percent from 2008.

The robust retail spending was facilitated by sales promotions in major cities.  In rural areas, the government began to grant a 13 percent subsidy to farmers to buy color television sets, refrigerators, mobile phones, washing machines and freezers in 2007, a program currently implemented in 12 provinces.  Leading home appliance producers supporting the program saw sales rise 25.6 percent during the week-long holiday this year, which leads off the Year of the Ox.

Traditional purchases of food, cigarettes, liquor and wine, fireworks continued to grow.  The retail sales of gold and silver jewelry were up by 17.2 percent.  Ox-themed gold bars, figurines, amulets and coins were very welcome.