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China Spends Big on Holiday Travel, Movies and Cruises

Spending is up, even with growth slowing and stocks slumping.
Visits to the annual ice festival in Harbin jumped about 16 percent from last year, to more than 300,000.

Visits to the annual ice festival in Harbin jumped about 16 percent from last year, to more than 300,000.

Jeff Kearns
From

China's consumers increased spending on travel and entertainment as hundreds of millions of people traveled to spend time with family during the week-long holiday last week.

People spent at least 312 billion yuan ($48 billion) during the lunar New Year period, when schools and businesses shut down. That record spending came to 31 percent more than during last year's holidays, according to China UnionPay Co., which runs the national bank card network.