Economic downturn provides benefits for some on Chinese New Year

Special Report: Spring Festival Special 2009

NINGBO, Jan. 31 (Chinese media) -- Feng Yaling hopes for a bullish stock market this year, the year of the ox, because "niu", the Chinese word for "ox", suggests upward or robust.

Feng, 54, is a local government worker in Ningbo, in eastern Zhejiang Province. Last year's surging stock market persuaded her to invest about 150,000 yuan (21,943 U.S. dollars) in March, which she had planned to use for her daughter's wedding.

The stock market exceeded 6,000 points in October, but like other investors, Feng missed the best chance to sell. She didn't expect the market to tumble below 2,000 points in 2008, leaving her 10,000 yuan down.

The financial crisis has spread from equity markets to real economies across the world. China, the world's third largest economy, saw its stock market shrinking more than 60 percent last year.

But Feng is optimistic because she believes that the government's 4-trillion-yuan stimulus package and other plans will help boost the economy.

She is among numerous Chinese who believe the fundamental factor of the economy remained good. A survey by the National Bureau of Statistics found 80.9 percent of respondents believed China would see healthy and relatively fast economic growth in coming years despite the global financial crisis.

"I see my investment in the stock market as a deposit without interest. Confidence matters most. I am sure the stock market will revive soon," Feng said.

Her loss failed to dampen her celebration of the lunar New Year which fell on Jan. 26. The weeklong holiday is a peak shopping season in China.

Feng started her New Year shopping a week earlier and spent more than last year. "I bought more fireworks to make this New Year more joyful."

Most shoppers shared the same view. Figures from the Ministry of Commerce showed, sales of major retailers on Jan. 25, the lunar New Year's eve, hit 2.9 billion yuan, up 16.5 percent from the same day of last year.

Huang Li, public relations manager of Wal-mart in Beijing, said the number of shoppers per day increased by 10 percent to 15 percent.

Wal-mart launched a promotion campaign and extended opening hours throughout the country. Almost 100 products were priced at 8.8 yuan.

"Daily necessities such as rice, flour, edible oil and dry goods sold well," she said. "We will definitely have a better sales value this year."

The economic turmoil compelled airlines to cut fares, while restaurants and tourist sites provided discounts, said Qi, head of marketing section of China International Travel Service. The prices of long-haul domestic tours were cut by 5 percent to 20 percent, he said.

"Domestic travel during the holiday is much more robust than the same period last year. Tours from Beijing to the southern provinces of Hainan, Yunnan and Guangxi are popular," Qi said.