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China’s big stock boom is doing little to boost holiday spending

Despite Chinese equities achieving their longest winning streak since 2018, Golden Week retail sales grew at half the pace of May's holiday, revealing deep-seated consumer anxiety.

China’s big stock boom is doing little to boost holiday spending
Crowds throng Nanjing Road in Shanghai, China, on April 8, 2025. Five consecutive months of stock market gains have failed to revive household spending during China's major October holiday. Image: Getty Images

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