China welcomes Year of the Snake, but ‘nobody is spending’
Chinese and Hong Kongers dream of a better economy and a more predictable world amid post-COVID gloom.
![China welcomes Year of the Snake, but ‘nobody is spending’](https://www.rfa.org/resizer/v2/EQWOPTRSF5CATF5ZGJJOODVTO4.jpg?auth=eb8ff2e3e317ade96612f17270527d2f70c534668c587f31bf2027f16bfc3758&smart=true&width=1500#)
China’s 1.4 billion people welcomed in the Year of the Snake on Lunar New Year’s Eve Tuesday night with brand new clothes, festive decorations and firecrackers to ward off evil, as well as the obligatory extended family meal for those who could make it home in time for festivities
But few people who spoke to Radio Free Asia had the sense that the new year could bring better fortune than the departing Year of the Dragon, citing the country’s economic woes.
A resident of southwestern China who declined to be named for fear of reprisals told RFA Mandarin that she would participate in all the celebrations, but she felt that “this year could be even worse than the last.”
A young man working in a hotel in southern China who also asked to remain anonymous said he has one main wish for the Lunar New Year.
“I want to be rich, quickly and suddenly,” he said, jokingly. “Just kidding. I have no plan [for achieving this].”
Asked if he plans to marry, he said: “Not sure.”
![Shoppers walk by a popular outdoor shopping mall displaying Lunar New Year decorations in Beijing, Jan. 27, 2025.](https://www.rfa.org/resizer/v2/Z54SS4VSR5B55I55GBHP64KNCI.jpg?auth=90a32037b8d5959da16d14a70d709e609bc304c1dda65d83764360be7f3c7a96&smart=true&width=1500)
China last month said it would loosen monetary policy in a bid to kickstart the country’s economic growth in a bid to send “a positive signal that will effectively boost the confidence of all parties and help China’s economy recover and improve.”
China reported economic growth at around 5.0% for the first half of 2024, with a projected slowdown to 4.8% for the full year, but analysts say the figure doesn’t fully reflect the damage done by the burst property bubble and three years of COVID restrictions.
A resident of central China, who declined to be named, said he has no expectations of the coming year.
“Ever since the three years of zero-COVID, the world seems a bit mysterious,” he said, referring to government imposed restrictions between 2020 and 2022 that included grueling lockdowns and the mass testing, tracking and quarantining of citizens.
“I mean, there’s no way to understand [the world] and no way to predict it. The future is kind of foggy ... including the political situation, the economy and the international situation,” he said. “It seems to me that the COVID-19 pandemic has shown us that the relationship between human beings and nature is unpredictable,” he said.
He said international relations also seem to be in a state of distress.
“Some countries are on the verge of war, while some are already at war, and there doesn’t seem to be anything that can be done about it,” he said. “What are they even fighting for?”
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A woman living in eastern China said she had few expectations for the Year of the Snake.
“It’s very difficult right now,” she said of the economy. “2025 could be even worse than 2024.”
She said that there were fewer job opportunities, government departments were cutting spending, and the people had less disposable income.
“How are we supposed to spend money if we don’t have any?” she said. “I’ll be happy if everyone just gets to live normally.”
She said she hadn’t watched the flagship Spring Festival Gala show on the state-run CCTV channel for years, because much of the positive sentiment expressed on the show was “fake, given that most people’s lives are getting worse and worse.”
Street market slump in Hong Kong
In Hong Kong, the city’s leader delivered a message that seemed pitched to encourage people to spend more.
“We are busy gathering with family and friends, doing New Year shopping and buying festive flowers for our homes, preparing for the New Year to come,” Lee said in a statement on Tuesday.
For the first time, the English version of the statement used the term “Chinese New Year” instead of the more inclusive “Lunar New Year,” suggesting that the city’s officials are super-keen on demonstrating loyalty to Beijing.
Lee also name-checked “two adorable giant pandas from the motherland” who will be on view in Hong Kong during the holiday period, starting in mid-February.
“In Chinese culture, the snake is nimble and agile, and is a symbol of prosperity and wealth,” Lee said, promising that Hong Kong will “show its resilience” in the coming year.
But stallholders at the city’s street-markets, which usually see a huge boost to business ahead of the festival, said business had slumped.
“Nobody’s spending,” an underwear stall owner surnamed Siu told RFA Cantonese a week before Lunar New Year. Asked by how much sales had dropped compared with last year, he estimated: “By more than half.”
“The economy’s not doing well, and most people are going to spend their money in mainland China,” he said.
A stallholder surnamed Wong agreed. “Business has been really weak this year -- I think 30% of it has gone to mainland China and another 20% online.”
Hong Kong retail sales plummeted by 7.3% year-on-year in November, according to the Census and Statistics Department. The government recently launched multiple entry permits for Chinese nationals to boost cross-border consumption.
But stallholders said they can’t really feel much improvement, despite a forecast influx of 1.4 million visitors from mainland China over the festive period.
“It’s super-bad -- I’ve never seen it this bad,” a food stall owner also surnamed Wong told RFA Cantonese, adding that people are taking tips from social media to save money instead. “People who visit Hong Kong aren’t going shopping like they used to ... now they’re coming here on a budget, and using ... recommendations from (social media app) Xiaohongshu.”
Residents simply did not buy as much to prepare for New Year’s celebrations this year compared to previous years, a marketing executive who gave only the surname Lee told RFA.
“I haven’t bought anything for New Year yet,” Lee said. “Everyone’s saying that the markets and the economy are in bad shape this year.”
Translated by Luisetta Mudie. Edited by Eugene Whong.
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