Xi’s Frugality Drive Damps China’s New Year Retail Sales Growth

Xi’s Frugality Drive Damps China’s New Year Retail Sales Growth

Tomohiro Ohsumi/Bloomberg

Chinese flags hang on lamp posts as pedestrians walk through the East Nanjing Road shopping area of Shanghai. China UnionPay, which operates the country’s bankcard network, said the value of domestic transactions during the New Year holiday jumped 43 percent from a year ago.