China said retail sales surged 16.2 percent year on year to CNY470 billion (USD74b) during the week-long Lunar New Year holiday, as consumers splashed out on food, wine and clothes.

The commerce ministry said sales of clothes, jewellery and food rose 18.7 percent, 16.4 percent and 16.2 percent respectively, according to a statement posted on its website on Saturday, the last day of the holiday.