Quotable

"This year's slowdown of consumption growth during the holiday break was mainly caused by the decline of high-end spending."

Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation. China's spending during the Spring Festival maintained double-digit growth this year but the pace marked the slowest in more than a decade, according to the Ministry of Commerce. The central government's promotion of frugal dining and restrictions on public spending on expensive gifts and restaurants were the main causes.

(China Daily European Weekly 02/14/2014 page18)