Hong Kong (CNN Business)China has taken the extraordinary step of extending the Lunar New Year holiday — in some places by more than a week — in an effort to contain the deadly coronavirus. Some cities have also been effectively quarantined. That means major trouble for the world's second biggest economy.
The virus outbreak escalated just before the new year, one of China's most significant economic events. Chinese consumers spent more than 1 trillion yuan ($145 billion) last year on holiday shopping, dining, entertainment and travel, according to state news agency Xinhua.
Extensive travel restrictions and fears about the virus mean people aren't spending as much this week. But the extended holiday — to February 2 nationwide and for another week beyond that in Shanghai and several provinces — will impact millions of people in other ways as government offices and schools remain closed.
The virus outbreak escalated just before the new year, one of China's most significant economic events. Chinese consumers spent more than 1 trillion yuan ($145 billion) last year on holiday shopping, dining, entertainment and travel, according to state news agency Xinhua.
Extensive travel restrictions and fears about the virus mean people aren't spending as much this week. But the extended holiday — to February 2 nationwide and for another week beyond that in Shanghai and several provinces — will impact millions of people in other ways as government offices and schools remain closed.
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