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High-end consumption falls

2014-01-24 11:21 Global Times Web Editor: qindexing
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China's high-end consumption has dropped significantly since central authorities launched a crackdown on official banquets and extravagance, a senior official said Thursday.

Sales of 11 high-end baijiu, or white liquor, monitored by the Ministry of Commerce fell by 7.2 percent in 2013 from a year earlier, Vice Minister of Commerce Fang Aiqing said.

Sales of autos with an emission more than 3.0 liters slumped by 20.7 percent year-on-year in the first 11 months of 2013, he said.

The number of prepaid cards issued by high-end retailers and catering firms also witnessed a large decline last year, he noted.

China's retail sales are expected to grow by 13 percent in 2014, according to the ministry.

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